RSA 564-F:18-1802 · Damages for Breach of Duty

564-F:18-1802 Damages for Breach of Duty. –

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(a)

A foundation official who commits a breach of duty is liable to the affected beneficiaries for the greater of:

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(1)

The amount required to restore the value of the foundation's property and distributions to what they would have been had the breach of duty not occurred; or

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(2)

the profit that the foundation official made by reason of the breach of duty.

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(b)

Except as otherwise provided in subsection (c) or (d), a foundation official is entitled to contribution from the other foundation officials to the extent permitted by RSA 507:7-f if more than one foundation official is liable to the beneficiaries for a breach of duty.

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(c)

A foundation official is not entitled to contribution if:

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(1)

The foundation official was substantially more at fault than another foundation officials; or

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(2)

The foundation official committed the breach of duty in bad faith or with reckless indifference to the foundation's purposes or the beneficiaries' interests.

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(d)

A foundation official who received a benefit from the breach of duty is not entitled to contribution from another foundation official to the extent of the benefit received. Source. 2017, 257:47, eff. Oct. 1, 2017.

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