§ 18-13-12 Liability to third person.– (a) A claim based on a contract entered into by a custodial trustee acting in afiduciary capacity, an obligation arising from the ownership or control ofcustodial trust property, or a tort committed in the course of administeringthe custodial trust, may be asserted by a third person against the custodialtrust property by proceeding against the custodial trustee in a fiduciarycapacity, whether or not the custodial trustee or the beneficiary is personallyliable.
(b) A custodial trustee is not personally liable to a thirdperson:
(1) On a contract properly entered into in a fiduciarycapacity, unless the custodial trustee fails to reveal that capacity or toidentify the custodial trust in the contract; or
(2) For an obligation arising from control of custodial trustproperty or for a tort committed in the course of the administration of thecustodial trust, unless the custodial trustee is personally at fault.
(c) A beneficiary is not personally liable to a third personfor an obligation arising from beneficial ownership of custodial trust propertyor for a tort committed in the course of administration of the custodial trust,unless the beneficiary is personally in possession of the custodial trustproperty giving rise to the liability or is personally at fault.
(d) Subsections (b) and (c) of this section do not precludeactions or proceedings to establish liability of the custodial trustee orbeneficiary to the extent the person sued is protected as the insured byliability insurance.
§ 18-13-12 Liability to third person.– (a) A claim based on a contract entered into by a custodial trustee acting in afiduciary capacity, an obligation arising from the ownership or control ofcustodial trust property, or a tort committed in the course of administeringthe custodial trust, may be asserted by a third person against the custodialtrust property by proceeding against the custodial trustee in a fiduciarycapacity, whether or not the custodial trustee or the beneficiary is personallyliable.
(b) A custodial trustee is not personally liable to a thirdperson:
(1) On a contract properly entered into in a fiduciarycapacity, unless the custodial trustee fails to reveal that capacity or toidentify the custodial trust in the contract; or
(2) For an obligation arising from control of custodial trustproperty or for a tort committed in the course of the administration of thecustodial trust, unless the custodial trustee is personally at fault.
(c) A beneficiary is not personally liable to a third personfor an obligation arising from beneficial ownership of custodial trust propertyor for a tort committed in the course of administration of the custodial trust,unless the beneficiary is personally in possession of the custodial trustproperty giving rise to the liability or is personally at fault.
(d) Subsections (b) and (c) of this section do not precludeactions or proceedings to establish liability of the custodial trustee orbeneficiary to the extent the person sued is protected as the insured byliability insurance.
§ 18-13-12 Liability to third person.– (a) A claim based on a contract entered into by a custodial trustee acting in afiduciary capacity, an obligation arising from the ownership or control ofcustodial trust property, or a tort committed in the course of administeringthe custodial trust, may be asserted by a third person against the custodialtrust property by proceeding against the custodial trustee in a fiduciarycapacity, whether or not the custodial trustee or the beneficiary is personallyliable.
(b) A custodial trustee is not personally liable to a thirdperson:
(1) On a contract properly entered into in a fiduciarycapacity, unless the custodial trustee fails to reveal that capacity or toidentify the custodial trust in the contract; or
(2) For an obligation arising from control of custodial trustproperty or for a tort committed in the course of the administration of thecustodial trust, unless the custodial trustee is personally at fault.
(c) A beneficiary is not personally liable to a third personfor an obligation arising from beneficial ownership of custodial trust propertyor for a tort committed in the course of administration of the custodial trust,unless the beneficiary is personally in possession of the custodial trustproperty giving rise to the liability or is personally at fault.
(d) Subsections (b) and (c) of this section do not precludeactions or proceedings to establish liability of the custodial trustee orbeneficiary to the extent the person sued is protected as the insured byliability insurance.
