(Remedy of a Beneficiary against a Co-Beneficiary)(a) If no recovery can be made from the trustee for a breach of trust, a beneficiary may maintain an action against a co-beneficiary who consented to the breach for a redress of the breach, if the co-beneficiary:(1) knows or should have known that the act of the trustee to which he consented constituted a breach of trust;(2) agreed with the trustee or the other beneficiaries to be liable for any loss which might result from the act constituting the breach; or(3) participated in the act constituting the breach.(b) The consenting co-beneficiary shall be personally liable for any loss for which the other beneficiaries are entitled to redress under subsection (a) of this section and his beneficial interest in the trust estate may be charged for the amount of the loss if the court deems it proper to do so.Formerly: Acts 1971, P.L.416, SEC.4.
Indiana Legal Code