18-B ME Rev Stat § 1207 (2021)
2021 Maine Revised Statutes|TITLE 18-B: TRUSTS|Part 1: MAINE UNIFORM TRUST CODE|Chapter 12: MAINE UNIFORM TRUST DECANTING ACT|18-B §1207. Notice; exercise of decanting power

 §1207. Notice; exercise of decanting power 1.  Notice period.  For purposes of this section, a notice period begins on the day notice is given under subsection 3 and ends 59 days after the day notice is given.   [PL 2021, c. 235, §1 (NEW).] 2.  Exercise without consent or approval.  Except as otherwise provided in this Act, an authorized fiduciary may exercise the decanting power without the consent of any person and without court approval.   [PL 2021, c. 235, §1 (NEW).] 3.  Notice.  Except as otherwise provided in subsection 4 or 6, an authorized fiduciary shall give notice in a record of the intended exercise of the decanting power not later than 60 days before the exercise to:   A. Each settlor of the first trust, if living or then in existence;   [PL 2021, c. 235, §1 (NEW).]B. Each qualified beneficiary of the first trust;   [PL 2021, c. 235, §1 (NEW).]C. Each holder of a presently exercisable power of appointment over any part or all of the first trust;   [PL 2021, c. 235, §1 (NEW).]D. Each person that currently has the right to remove or replace the authorized fiduciary;   [PL 2021, c. 235, §1 (NEW).]E. Each other fiduciary of the first trust;   [PL 2021, c. 235, §1 (NEW).]F. Each fiduciary of the 2nd trust; and   [PL 2021, c. 235, §1 (NEW).]G. The Attorney General, if section 1213, subsection 2 applies.   [PL 2021, c. 235, §1 (NEW).][PL 2021, c. 235, §1 (NEW).] 4.  Notice not required.  An authorized fiduciary is not required to give notice under subsection 3 to a person that is not known to the fiduciary or is known to the fiduciary but cannot be located by the fiduciary after reasonable diligence.   [PL 2021, c. 235, §1 (NEW).] 5.  Requirements of notice.  A notice under subsection 3 must:   A. Specify the manner in which the authorized fiduciary intends to exercise the decanting power;   [PL 2021, c. 235, §1 (NEW).]B. Specify the proposed effective date for exercise of the decanting power;   [PL 2021, c. 235, §1 (NEW).]C. Include a copy of the first-trust instrument; and   [PL 2021, c. 235, §1 (NEW).]D. Include a copy of all 2nd-trust instruments.   [PL 2021, c. 235, §1 (NEW).][PL 2021, c. 235, §1 (NEW).] 6.  Waiver of notice period.  The decanting power may be exercised before expiration of the notice period under subsection 1 if all persons entitled to receive notice waive the notice period in a signed record.   [PL 2021, c. 235, §1 (NEW).] 7.  Right to file application.  The receipt of notice, waiver of the notice period or expiration of the notice period does not affect the right of a person to file an application under section 1208 asserting that:   A. An attempted exercise of the decanting power is ineffective because the exercise did not comply with this Act or was an abuse of discretion or breach of fiduciary duty; or   [PL 2021, c. 235, §1 (NEW).]B. Section 1221 applies to the exercise of the decanting power.   [PL 2021, c. 235, §1 (NEW).][PL 2021, c. 235, §1 (NEW).] 8.  Failure to give notice; reasonable care.  An exercise of the decanting power is not ineffective because of the failure to give notice to one or more persons under subsection 3 if the authorized fiduciary acted with reasonable care to comply with subsection 3.   [PL 2021, c. 235, §1 (NEW).] SECTION HISTORY PL 2021, c. 235, §1 (NEW).