(a) Subject to subsection (b), a foundation official is not liable to a beneficiary for breach of duty if the beneficiary:
(1) Consented to the conduct constituting the breach of duty;
(2) Released the foundation official from liability for the breach of duty; or
(3) Ratified the transaction constituting the breach of duty.
(b) For purposes of subsection (a), a beneficiary's consent, release, or ratification is invalid if:
(1) In making the consent, release, or ratification, the beneficiary was induced by a foundation official's improper conduct; or
(2) At the time of making the consent, release, or ratification, the beneficiary did not know of the beneficiary's rights or the material facts relating to the breach of duty.