DE HB169

Clarifies definition of "agents" to include all persons defined as agents under general law of agency and modifies affiliated investment rules to apply when discretion is delegated to or granted directly to an agent

Adds new section 3313A establishing duties and liability of excluded cotrustees when trust grants another cotrustee exclusive authority over specified actions, with excluded trustee having no duty to monitor or provide notice

Grants trustees power to indemnify lenders in connection with borrowing, mortgaging, pledging trust property, or guaranteeing loans; clarifies trust merger procedures under section 3325(29) and trust decanting without creating separate trust under section 3528

Extends nonjudicial settlement agreements to charitable and noncharitable purpose trusts subject to limitations; revises section 3341 to address how powers of appointment are affected by trust mergers depending on when transferee trust receives initial funding

Creates new 120-day limitation period for actions against trustees following departure from office and clarifies execution requirements for trusts; revises section 501 to provide new method for exercising powers of appointment to avoid perpetuities rule by express reference