72-34-103. Duty of loyalty. (1) The trustee has a duty to administer the trust solely in the interest of the beneficiaries.
     (2) It is not a violation of the duty provided in subsection (1) 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:
     (a) the sale or exchange is fair and reasonable with respect to the beneficiaries of both trusts; and
     (b) the trustee gives to the beneficiaries of both trusts notice of all material facts related to the sale or exchange that the trustee knows or should know.

     History: En. Sec. 75, Ch. 685, L. 1989.