Duty and liability of trust director

(1) Subject to subsection (2) of this section, with respect to a power of direction or a further power under section 15-16-806 (2)(a): (a) A trust director has the same fiduciary duty and liability in the exercise or nonexercise of the power: (I) If the power is held individually, as a sole trustee in a like position and under similar circumstances; or (II) If the power is held jointly with a trustee or another trust director, as a cotrustee in a like position and under similar circumstances; and (b) The terms of the trust may vary the director's duty or liability to the same extent the terms of the trust could vary the duty or liability of a trustee in a like position and under similar circumstances. (2) Unless the terms of a trust provide otherwise, if a trust director is licensed, certified, or otherwise authorized or permitted by law other than this part 8 to provide health care in the ordinary course of the director's business or practice of a profession, to the extent the director acts in that capacity, the director has no duty or liability under this part 8. (3) The terms of a trust may impose a duty or liability on a trust director in addition to the duties and liabilities under this section.