Minnesota Legislature
Office of the Revisor of Statutes
2006 Minnesota Statutes
This is an historical version of this statute chapter. Also view the most recent published version.
356A.10 COFIDUCIARY RESPONSIBILITY AND LIABILITY.
Subdivision 1. Cofiduciary responsibility in general. A cofiduciary has a general
responsibility to oversee the fiduciary activities of all other fiduciaries unless the activity has
been allocated or delegated in accordance with subdivision 3. A cofiduciary also has a general
responsibility to correct or alleviate a fiduciary breach of which the cofiduciary had or ought to
have had knowledge.
Subd. 2. Cofiduciary liability. A cofiduciary is liable for a fiduciary breach committed by
another fiduciary when the cofiduciary has a responsibility to oversee the fiduciary activities of
the other fiduciary or to correct or alleviate a breach by that fiduciary.
Subd. 3. Limitation on cofiduciary responsibility. A cofiduciary may limit cofiduciary
responsibility and liability through the allocation or delegation of fiduciary activities if the
allocation or delegation:
(1) follows appropriate procedures;
(2) is made to an appropriate person or persons; and
(3) is subject to continued monitoring of performance.
Subd. 4. Bar to liability in certain instances. A properly made delegation or allocation of a
fiduciary activity is a bar to liability on the part of a fiduciary making the delegation or allocation
unless the fiduciary has or ought to have knowledge of the breach and takes part in the breach,
conceals it, or fails to take reasonable steps to remedy it.
Subd. 5. Extent of cofiduciary liability. Unless liability is barred under subdivision 4,
cofiduciary liability is joint and several, but a cofiduciary has the right to recover from the
responsible fiduciary for any damages paid by the cofiduciary.
History: 1989 c 319 art 7 s 10
Subdivision 1. Cofiduciary responsibility in general. A cofiduciary has a general
responsibility to oversee the fiduciary activities of all other fiduciaries unless the activity has
been allocated or delegated in accordance with subdivision 3. A cofiduciary also has a general
responsibility to correct or alleviate a fiduciary breach of which the cofiduciary had or ought to
have had knowledge.
Subd. 2. Cofiduciary liability. A cofiduciary is liable for a fiduciary breach committed by
another fiduciary when the cofiduciary has a responsibility to oversee the fiduciary activities of
the other fiduciary or to correct or alleviate a breach by that fiduciary.
Subd. 3. Limitation on cofiduciary responsibility. A cofiduciary may limit cofiduciary
responsibility and liability through the allocation or delegation of fiduciary activities if the
allocation or delegation:
(1) follows appropriate procedures;
(2) is made to an appropriate person or persons; and
(3) is subject to continued monitoring of performance.
Subd. 4. Bar to liability in certain instances. A properly made delegation or allocation of a
fiduciary activity is a bar to liability on the part of a fiduciary making the delegation or allocation
unless the fiduciary has or ought to have knowledge of the breach and takes part in the breach,
conceals it, or fails to take reasonable steps to remedy it.
Subd. 5. Extent of cofiduciary liability. Unless liability is barred under subdivision 4,
cofiduciary liability is joint and several, but a cofiduciary has the right to recover from the
responsible fiduciary for any damages paid by the cofiduciary.
History: 1989 c 319 art 7 s 10
Official Publication of the State of Minnesota
Revisor of Statutes