72-34-515. Discharge of trustee's liability by release or contract. (1) Except as provided in subsection (2), a beneficiary may be precluded from holding the trustee liable for a breach of trust by the beneficiary's release or contract effective to discharge the trustee's liability to the beneficiary for that breach.
     (2) A release or contract is not effective to discharge the trustee's liability for a breach of trust in any of the following circumstances:
     (a) whenever the beneficiary was under an incapacity at the time of making the release or contract;
     (b) whenever the beneficiary did not know of his rights and of the material facts:
     (i) that the trustee knew or reasonably should have known; and
     (ii) that the trustee did not reasonably believe that the beneficiary knew;
     (c) whenever the release or contract of the beneficiary was induced by improper conduct of the trustee; or
     (d) whenever the transaction involved a bargain with the trustee that was not fair and reasonable.

     History: En. Sec. 163, Ch. 685, L. 1989.