reglab/housing_qa huggingface dataset:
MN Stat § 501C.0415 (2021)
2021 Minnesota Statutes|Chapters 500 - 515B — Property And Property Interests|Chapter 501C — Trusts|Section 501C.0415 — Reformation To Correct Mistakes.

501C.0415 REFORMATION TO CORRECT MISTAKES. The court may reform the terms of a trust, even if unambiguous, to conform the terms to the settlor's intention if it is proved by clear and convincing evidence what the settlor's intention was and that the terms of the trust were affected by a mistake of fact or law, whether in expression or inducement. History:   2015 c 5 art 4 s 12
MN Stat § 501C.0416 (2021)
2021 Minnesota Statutes|Chapters 500 - 515B — Property And Property Interests|Chapter 501C — Trusts|Section 501C.0416 — Modification To Achieve Settlor's Tax Objectives.

501C.0416 MODIFICATION TO ACHIEVE SETTLOR'S TAX OBJECTIVES. To achieve settlor's tax objectives, the court may modify the terms of a trust in a manner that is not contrary to the settlor's probable intention. The court may provide that the modification has retroactive effect. History:   2015 c 5 art 4 s 13
MN Stat § 501C.0417 (2021)
2021 Minnesota Statutes|Chapters 500 - 515B — Property And Property Interests|Chapter 501C — Trusts|Section 501C.0417 — Combination And Division Of Trusts.

501C.0417 COMBINATION AND DIVISION OF TRUSTS. After notice to the qualified beneficiaries, a trustee may combine two or more trusts into a single trust or divide a trust into two or more separate trusts, if the result does not impair rights of any beneficiary or adversely affect achievement of the purposes of the trust. History:   2015 c 5 art 4 s 14
MN Stat § 501C.0502 (2021)
2021 Minnesota Statutes|Chapters 500 - 515B — Property And Property Interests|Chapter 501C — Trusts|Section 501C.0502 — Spendthrift Provision.

501C.0502 SPENDTHRIFT PROVISION. (a) A trust has a valid spendthrift provision if: (1) the trust includes a provision that restricts both voluntary and involuntary transfers of a beneficiary's interest; or (2) by the terms of the trust instrument, the settlor manifests an intention to impose restrictions on both voluntary and involuntary transfers of a beneficiary's interest. (b) A term of a trust providing that the interest of a beneficiary is held subject to a "spendthrift trust," or words of similar import, is sufficient to restrict both voluntary and involuntary transfers of the beneficiary's interest. (c) For the purposes of this section, neither a valid disclaimer nor the exercise of a limited power of appointment is a voluntary transfer. (d) A beneficiary may not transfer an interest in a trust in violation of a valid spendthrift provision and a creditor or assignee of the beneficiary may not reach the interest or a distribution by the trustee before its receipt by the beneficiary. History:   2015 c 5 art 5 s 1
MN Stat § 501C.0504 (2021)
2021 Minnesota Statutes|Chapters 500 - 515B — Property And Property Interests|Chapter 501C — Trusts|Section 501C.0504 — Right To Compel Distribution.

501C.0504 RIGHT TO COMPEL DISTRIBUTION. (a) Whether or not a trust contains a spendthrift provision, a creditor of a beneficiary may not compel a distribution that is subject to the trustee's discretion, even if: (1) the discretion is expressed in the form of a standard of distribution; or (2) the trustee has abused the discretion. (b) This section does not limit the right of a beneficiary to maintain a judicial proceeding against a trustee for an abuse of discretion or failure to comply with a standard for distribution. (c) If the trustee's or cotrustee's discretion to make distributions for the trustee's or cotrustee's own benefit is limited by an ascertainable standard, a creditor may not reach or compel distribution of the beneficial interest except to the extent the interest would be subject to the creditor's claim were the beneficiary not acting as trustee or cotrustee. History:   2015 c 5 art 5 s 2
MN Stat § 501C.0505 (2021)
2021 Minnesota Statutes|Chapters 500 - 515B — Property And Property Interests|Chapter 501C — Trusts|Section 501C.0505 — Creditor's Claim Against Settlor.

501C.0505 CREDITOR'S CLAIM AGAINST SETTLOR. Whether or not the terms of a trust contain a spendthrift provision, the following rules apply: (1) During the lifetime of the settlor, the property of a revocable trust is subject to claims of the settlor's creditors. (2) With respect to an irrevocable trust, a creditor or assignee of the settlor may reach the maximum amount that can be distributed to or for the settlor's benefit. If a trust has more than one settlor, the amount the creditor or assignee of a particular settlor may reach may not exceed the settlor's interest in the portion of the trust attributable to that settlor's contribution. (3) After the death of a settlor, and subject to the settlor's right to direct the source from which liabilities will be paid, the property of a trust that was revocable at the settlor's death is subject to claims of the settlor's creditors, costs of administration of the settlor's estate, the expenses of the settlor's funeral and disposal of remains, and statutory allowances to a surviving spouse and children to the extent the settlor's probate estate is inadequate to satisfy those claims, costs, expenses, and allowances. History:   2015 c 5 art 5 s 3
MN Stat § 501C.0506 (2021)
2021 Minnesota Statutes|Chapters 500 - 515B — Property And Property Interests|Chapter 501C — Trusts|Section 501C.0506 — Overdue Distribution.

501C.0506 OVERDUE DISTRIBUTION. (a) In this section, "mandatory distribution" means a distribution of income or principal which the trustee is required to make to a beneficiary under the terms of the trust, including a distribution upon termination of the trust. The term does not include a distribution subject to the exercise of the trustee's discretion even if (1) the discretion is expressed in the form of a standard of distribution, or (2) the terms of the trust authorizing a distribution couple language of discretion with language of direction. (b) Whether or not a trust contains a spendthrift provision, a creditor or assignee of a beneficiary may reach a mandatory distribution of income or principal, including a distribution upon termination of the trust, if the trustee has not made the distribution to the beneficiary within a reasonable time after the designated distribution date. History:   2015 c 5 art 5 s 4
MN Stat § 501C.0507 (2021)
2021 Minnesota Statutes|Chapters 500 - 515B — Property And Property Interests|Chapter 501C — Trusts|Section 501C.0507 — Personal Obligations Of Trustee.

501C.0507 PERSONAL OBLIGATIONS OF TRUSTEE. Trust property is not subject to personal obligations of the trustee, even if the trustee becomes insolvent or bankrupt. History:   2015 c 5 art 5 s 5
MN Stat § 501C.0601 (2021)
2021 Minnesota Statutes|Chapters 500 - 515B — Property And Property Interests|Chapter 501C — Trusts|Section 501C.0601 — Capacity Of Settlor Of Revocable Trust.

501C.0601 CAPACITY OF SETTLOR OF REVOCABLE TRUST. The capacity required to create, amend, or revoke a revocable trust, or to direct the actions of the trustee of a revocable trust, is the same as that required to make a will. History:   2015 c 5 art 6 s 1
MN Stat § 501C.0602 (2021)
2021 Minnesota Statutes|Chapters 500 - 515B — Property And Property Interests|Chapter 501C — Trusts|Section 501C.0602 — Revocation Or Amendment Of Revocable Trust.

501C.0602 REVOCATION OR AMENDMENT OF REVOCABLE TRUST. (a) Unless the terms of a trust expressly provide that the trust is revocable, the settlor may not revoke or amend the trust. (b) If a revocable trust is created or funded by more than one settlor: (1) to the extent the trust consists of community property, the trust may be revoked by either spouse acting alone but may be amended only by joint action of both spouses; (2) to the extent the trust consists of property other than community property, each settlor may revoke or amend the trust with regard to the portion of the trust property attributable to that settlor's contribution; and (3) upon the revocation or amendment of the trust by fewer than all of the settlors, the trustee shall promptly notify the other settlors of the revocation or amendment. (c) The settlor may revoke or amend a revocable trust: (1) by substantial compliance with a method provided in the terms of the trust; or (2) if the terms of the trust do not provide a method or the method provided in the terms is not expressly made exclusive, by: (i) if the trust is created pursuant to a writing, by another writing manifesting clear and convincing evidence of the settlor's intent to revoke or amend the trust; or (ii) if the trust is an oral trust, by any other method manifesting clear and convincing evidence of the settlor's intent. (d) Upon revocation of a revocable trust, the trustee shall deliver the trust property as the settlor directs. (e) A settlor's powers with respect to revocation, amendment, or distribution of trust property may be exercised by an agent under a power of attorney only to the extent expressly authorized by the terms of the trust or the power. (f) A conservator of the settlor may exercise a settlor's powers with respect to revocation, amendment, or distribution of trust property only with the approval of the court supervising the conservatorship. (g) A trustee who does not know that a trust has been revoked or amended is not liable to the settlor or settlor's successors in interest for distributions made and other actions taken on the assumption that the trust had not been amended or revoked. History:   2015 c 5 art 6 s 2
MN Stat § 501C.0603 (2021)
2021 Minnesota Statutes|Chapters 500 - 515B — Property And Property Interests|Chapter 501C — Trusts|Section 501C.0603 — Written Statement Regarding Tangible Personal Property.

501C.0603 WRITTEN STATEMENT REGARDING TANGIBLE PERSONAL PROPERTY. A revocable trust may be amended by a written statement disposing of items of tangible personal property not otherwise specifically disposed of by the settlor's will or the trust instrument, other than money, coin collections, and property used in a trade or business. To be effective as an amendment, the writing must be referred to in the trust instrument, must either be in the handwriting of the settlor or signed by the settlor, and must describe the items and the beneficiaries with reasonable certainty. The writing may be referred to as one to be in existence at the time of the settlor's death; it may be prepared before or after the execution of the trust instrument; it may be altered by the settlor after its preparation; and it may be a writing which has no significance apart from its effect upon the dispositions made by the trust instrument. A writing may include multiple writings and if an item of tangible personal property is disposed of to different persons by different writings, the most recent writing controls the disposition of the item. History:   2015 c 5 art 6 s 3
MN Stat § 501C.0604 (2021)
2021 Minnesota Statutes|Chapters 500 - 515B — Property And Property Interests|Chapter 501C — Trusts|Section 501C.0604 — Settlor's Powers.

501C.0604 SETTLOR'S POWERS. While a trust is revocable, rights of the beneficiaries are subject to the control of, and the duties of the trustee are owed exclusively to, the settlor. History:   2015 c 5 art 6 s 4
MN Stat § 501C.0605 (2021)
2021 Minnesota Statutes|Chapters 500 - 515B — Property And Property Interests|Chapter 501C — Trusts|Section 501C.0605 — Limitation On Action Contesting Validity Of Revocable Trust; Distribution Of Trust Property.

501C.0605 LIMITATION ON ACTION CONTESTING VALIDITY OF REVOCABLE TRUST; DISTRIBUTION OF TRUST PROPERTY. (a) A person may commence a judicial proceeding to contest the validity of a trust that was revocable immediately prior to the settlor's death within the earlier of: (1) three years after the settlor's death; or (2) 120 days after the trustee sent the person a copy of the trust instrument and a notice informing the person of the trust's existence, of the trustee's name and address, and of the time allowed for commencing a proceeding. (b) Upon the death of the settlor of a trust that was revocable at the settlor's death, the trustee may proceed to distribute the trust property in accordance with the terms of the trust. The trustee is not subject to liability for doing so unless: (1) the trustee knows of a pending judicial proceeding contesting the validity of the trust; or (2) a potential contestant has notified the trustee of a possible judicial proceeding to contest the trust and a judicial proceeding is commenced within 60 days after the contestant sent the notification. (c) A beneficiary of a trust that is determined to have been invalid, in whole or in part, is liable to return any distribution received, to the extent the invalidity applies to the distribution. History:   2015 c 5 art 6 s 5
MN Stat § 501C.0701 (2021)
2021 Minnesota Statutes|Chapters 500 - 515B — Property And Property Interests|Chapter 501C — Trusts|Section 501C.0701 — Accepting Or Declining Trusteeship.

501C.0701 ACCEPTING OR DECLINING TRUSTEESHIP. (a) Except as otherwise provided in paragraph (c), a person designated as trustee accepts the trusteeship: (1) by substantially complying with a method of acceptance provided in the terms of the trust; or (2) if the terms of the trust do not provide a method, or the method provided in the terms is not expressly made exclusive, by accepting delivery of the trust property, exercising powers or performing duties as trustee, or otherwise indicating acceptance of the trusteeship. (b) A person designated as trustee who has not yet accepted the trusteeship may reject the trusteeship. A designated trustee who does not accept the trusteeship within a reasonable time after knowing of the designation is deemed to have rejected the trusteeship. (c) A person designated as trustee, without accepting the trusteeship, may: (1) act to preserve the trust property if, within a reasonable time after acting, the person sends a rejection of the trusteeship to the settlor or, if the settlor is dead or lacks capacity, to a qualified beneficiary; and (2) inspect or investigate trust property to determine potential liability or for any other purpose. History:   2015 c 5 art 7 s 1
MN Stat § 501C.0702 (2021)
2021 Minnesota Statutes|Chapters 500 - 515B — Property And Property Interests|Chapter 501C — Trusts|Section 501C.0702 — Trustee's Bond.

501C.0702 TRUSTEE'S BOND. (a) A trustee shall give bond to secure performance of the trustee's duties only if the court finds that a bond is needed to protect the interests of the beneficiaries or is required by the terms of the trust and the court has not dispensed with the requirement. (b) The court may specify the amount of a bond, its liabilities, and whether sureties are necessary. The court may modify or terminate a bond at any time. (c) A regulated financial-service institution qualified to do trust business in this state need not give bond, even if required by the terms of the trust. History:   2015 c 5 art 7 s 2
MN Stat § 501C.0703 (2021)
2021 Minnesota Statutes|Chapters 500 - 515B — Property And Property Interests|Chapter 501C — Trusts|Section 501C.0703 — Cotrustees.

501C.0703 COTRUSTEES. (a) Cotrustees who are unable to reach a unanimous decision may act by majority decision. (b) If a vacancy occurs in a cotrusteeship, the remaining cotrustees may act for the trust. (c) A cotrustee must participate in the performance of a trustee's duties and powers unless the cotrustee is unavailable to perform the duties or exercise the powers because of absence, illness, disqualification under other law, or other temporary incapacity or the cotrustee has properly delegated the performance of the function to another trustee. (d) If a cotrustee is unavailable to perform duties or exercise the powers because of absence, illness, disqualification under other law, or other temporary incapacity, and prompt action is necessary to achieve the purposes of the trust or to avoid injury to the trust property, the remaining cotrustee or a majority of the remaining cotrustees may act for the trust. (e) A trustee may delegate to a cotrustee the performance of any duties or powers as prudent under the circumstances. Unless a delegation was irrevocable, a trustee may revoke a delegation previously made. (f) Except as otherwise provided in paragraph (g), a trustee who does not join in an action of another trustee is not liable for the action. (g) Each trustee shall exercise reasonable care to: (1) prevent a cotrustee from committing a serious breach of trust; and (2) compel a cotrustee to redress a serious breach of trust. (h) A dissenting trustee who joins in an action at the direction of the majority of the trustees and who notified any cotrustee of the dissent at or before the time of the action is not liable for the action unless the action is a serious breach of trust. History:   2015 c 5 art 7 s 3
MN Stat § 501C.0704 (2021)
2021 Minnesota Statutes|Chapters 500 - 515B — Property And Property Interests|Chapter 501C — Trusts|Section 501C.0704 — Vacancy In Trusteeship; Appointment Of Successor.

501C.0704 VACANCY IN TRUSTEESHIP; APPOINTMENT OF SUCCESSOR. (a) A vacancy in the trusteeship occurs if: (1) a person designated as trustee rejects the trusteeship; (2) a person designated as trustee cannot be identified or does not exist; (3) a trustee resigns; (4) a trustee is disqualified or removed; (5) a trustee dies; or (6) a guardian or conservator is appointed for an individual serving as trustee. (b) If one or more cotrustees remain in office, a vacancy in trusteeship need not be filled. A vacancy in a trusteeship must be filled if the trust has no remaining trustee. (c) A vacancy in a trusteeship of a noncharitable trust that is required to be filled must be filled in the following order of priority: (1) by a person designated in the terms of the trust to act as successor trustee; (2) by a person appointed by unanimous agreement of the qualified beneficiaries; (3) by a person appointed pursuant to a nonjudicial settlement agreement as defined in section 501C.0111; or (4) by a person appointed by the court. (d) A vacancy in a trusteeship of a charitable trust that is required to be filled must be filled in the following order of priority: (1) by a person designated in the terms of the trust to act as successor trustee; (2) by a person selected by the charitable organizations expressly designated to receive distributions under the terms of the trust if the attorney general concurs in the selection; or (3) by a person appointed by the court. (e) Whether or not a vacancy in a trusteeship exists or is required to be filled, the court may appoint an additional trustee or special fiduciary whenever the court considers the appointment necessary for the administration of the trust. History:   2015 c 5 art 7 s 4
MN Stat § 501C.0705 (2021)
2021 Minnesota Statutes|Chapters 500 - 515B — Property And Property Interests|Chapter 501C — Trusts|Section 501C.0705 — Resignation Of Trustee.

501C.0705 RESIGNATION OF TRUSTEE. (a) A trustee may resign: (1) upon notice to the qualified beneficiaries, the settlor, if living, and all cotrustees; or (2) with the approval of the court. (b) In approving a resignation, the court may issue orders and impose conditions reasonably necessary for the protection of the trust property. (c) Any liability of a resigning trustee or of any sureties on the trustee's bond for acts or omissions of the trustee is not discharged or affected by the trustee's resignation. History:   2015 c 5 art 7 s 5
MN Stat § 501C.0706 (2021)
2021 Minnesota Statutes|Chapters 500 - 515B — Property And Property Interests|Chapter 501C — Trusts|Section 501C.0706 — Removal Of Trustee.

501C.0706 REMOVAL OF TRUSTEE. (a) The settlor, a cotrustee, or a beneficiary may petition the court to remove a trustee, or a trustee may be removed by the court on its own initiative. (b) The court may remove a trustee if: (1) the trustee has committed a serious breach of trust; (2) lack of cooperation among cotrustees substantially impairs the administration of the trust; (3) the court determines that removal of the trustee best serves the interests of the beneficiaries because of unfitness, unwillingness, or persistent failure of the trustee to administer the trust effectively; or (4) there has been a substantial change in circumstances or removal is requested by all of the qualified beneficiaries, the court finds that removal of the trustee best serves the interests of all of the beneficiaries and is not inconsistent with a material purpose of the trust, and a suitable cotrustee or successor trustee is available. (c) Pending a final decision on a petition to remove a trustee, or in lieu of or in addition to removing a trustee, the court may order such appropriate relief under section 501C.1001, paragraph (b), as may be necessary to protect the trust property or the interests of the beneficiaries. History:   2015 c 5 art 7 s 6
MN Stat § 501C.0707 (2021)
2021 Minnesota Statutes|Chapters 500 - 515B — Property And Property Interests|Chapter 501C — Trusts|Section 501C.0707 — Delivery Of Property By Former Trustee.

501C.0707 DELIVERY OF PROPERTY BY FORMER TRUSTEE. (a) Unless a cotrustee remains in office or the court otherwise orders, and until the trust property is delivered to a successor trustee or other person entitled to it, a trustee who has resigned or been removed has the duties of a trustee and the powers necessary to protect the trust property. (b) A trustee who has resigned or been removed shall proceed expeditiously to deliver the trust property within the trustee's possession to the cotrustee, successor trustee, or other person entitled to it. (c) Title to all trust property shall be owned by and vested in any successor trustee without any conveyance, transfer, or assignment by the prior trustee. History:   2015 c 5 art 7 s 7
MN Stat § 501C.0708 (2021)
2021 Minnesota Statutes|Chapters 500 - 515B — Property And Property Interests|Chapter 501C — Trusts|Section 501C.0708 — Compensation Of Trustee.

501C.0708 COMPENSATION OF TRUSTEE. (a) If the terms of a trust do not specify the trustee's compensation, a trustee is entitled to compensation that is reasonable under the circumstances. (b) If the terms of a trust specify the trustee's compensation, the trustee is entitled to be compensated as specified, but the court may allow more or less compensation if: (1) the duties of the trustee are substantially different from those contemplated when the trust was created; or (2) the compensation specified by the terms of the trust would be unreasonably low or high. History:   2015 c 5 art 7 s 8
MN Stat § 501C.0709 (2021)
2021 Minnesota Statutes|Chapters 500 - 515B — Property And Property Interests|Chapter 501C — Trusts|Section 501C.0709 — Reimbursement Of Expenses.

501C.0709 REIMBURSEMENT OF EXPENSES. (a) A trustee is entitled to be reimbursed out of the trust property, with interest as appropriate, for: (1) expenses that were properly incurred in the administration of the trust; and (2) expenses that were not properly incurred in the administration of the trust, to the extent necessary to prevent unjust enrichment of the trust. (b) An advance by the trustee of money for the protection of the trust gives rise to a lien against trust property to secure reimbursement with reasonable interest. History:   2015 c 5 art 7 s 9
MN Stat § 501C.0801 (2021)
2021 Minnesota Statutes|Chapters 500 - 515B — Property And Property Interests|Chapter 501C — Trusts|Section 501C.0801 — Duty To Administer Trust.

501C.0801 DUTY TO ADMINISTER TRUST. Upon acceptance of a trusteeship, the trustee shall administer the trust in good faith, in accordance with its terms and purposes and the interests of the beneficiaries, and in accordance with this chapter and all other applicable law. History:   2015 c 5 art 8 s 1