California Probate Code

§ 16002

PROB § 16002Div. 9 · Part 4 · Ch. 1 · Art. 1

Statute text

(a)The trustee has a duty to administer the trust solely in the interest of the beneficiaries.

(b)It is not a violation of the duty provided in subdivision (a) for a trustee who administers two trusts to sell, exchange, or participate in the sale or exchange of trust property between the trusts, if both of the following requirements are met:

(1)The sale or exchange is fair and reasonable with respect to the beneficiaries of both trusts.

…

Legislative history

Enacted by Stats. 1990, Ch. 79.