reglab/housing_qa huggingface dataset:
MN Stat § 501C.0802 (2021)
2021 Minnesota Statutes|Chapters 500 - 515B — Property And Property Interests|Chapter 501C — Trusts|Section 501C.0802 — Duty Of Loyalty.

501C.0802 DUTY OF LOYALTY. (a) A trustee owes a duty of loyalty to the beneficiaries. A trustee shall not place the trustee's own interests above those of the beneficiaries. (b) Subject to the rights of persons dealing with or assisting the trustee as provided in section 501C.1012, a sale, encumbrance, or other transaction involving the investment or management of trust property entered into by the trustee for the trustee's own personal account or which is otherwise affected by a conflict between the trustee's fiduciary and personal interests is voidable by a beneficiary affected by the transaction unless: (1) the transaction was authorized by the terms of the trust; (2) the transaction was approved by the court; (3) the beneficiary did not commence a judicial proceeding within the time allowed by section 501C.1005; (4) the beneficiary consented to the trustee's conduct, ratified the transaction, or released the trustee in compliance with section 501C.1009; or (5) the transaction involves a contract entered into or claim acquired by the trustee before the person became a trustee. (c) A sale, encumbrance, or other transaction involving the investment or management of trust property is presumed to be affected by a conflict between personal and fiduciary interests if it is entered into by the trustee with: (1) the trustee's spouse; (2) the trustee's descendants, siblings, parents, or their spouses; (3) an agent or an attorney of the trustee; or (4) a corporation or other person or enterprise in which the trustee, or a person who owns a significant interest in the trustee, has an interest that might affect the trustee's best judgment. (d) This section does not preclude the following transactions, if fair to the beneficiaries: (1) an agreement between a trustee and a beneficiary relating to the appointment or compensation of the trustee; (2) payment of reasonable compensation to the trustee; (3) a transaction between a trust and another trust, decedent's estate, or conservatorship of which the trustee is a fiduciary or in which a beneficiary has an interest; (4) a deposit of trust money in a regulated financial service institution operated by the trustee; or (5) an advance by the trustee of money for the protection of the trust. (e) The court may appoint a special fiduciary to make a decision with respect to any proposed transaction that might violate this section if entered into by the trustee. History:   2015 c 5 art 8 s 2
MN Stat § 501C.0803 (2021)
2021 Minnesota Statutes|Chapters 500 - 515B — Property And Property Interests|Chapter 501C — Trusts|Section 501C.0803 — Impartiality.

501C.0803 IMPARTIALITY. If a trust has two or more beneficiaries, the trustee shall administer the trust impartially, giving due regard to the beneficiaries' respective interests. History:   2015 c 5 art 8 s 3
MN Stat § 501C.0804 (2021)
2021 Minnesota Statutes|Chapters 500 - 515B — Property And Property Interests|Chapter 501C — Trusts|Section 501C.0804 — Prudent Administration.

501C.0804 PRUDENT ADMINISTRATION. A trustee shall administer the trust as a prudent person would, by considering the purposes, terms, and distribution requirements of the trust and all relevant circumstances. In satisfying this standard, the trustee shall exercise reasonable care, skill, and caution. History:   2015 c 5 art 8 s 4
MN Stat § 501C.0807 (2021)
2021 Minnesota Statutes|Chapters 500 - 515B — Property And Property Interests|Chapter 501C — Trusts|Section 501C.0807 — Delegation By Trustee.

501C.0807 DELEGATION BY TRUSTEE. (a) A trustee may delegate to any person, even if the person is associated with the trustee, duties and powers that a prudent trustee of comparable skills could properly delegate under the circumstances. The trustee shall exercise reasonable care, skill, and caution in: (1) selecting an agent; (2) establishing the scope and terms of the delegation, consistent with the purposes and terms of the trust; and (3) periodically reviewing the agent's actions in order to monitor the agent's performance and that the agent is acting in compliance with the terms of the delegation. (b) In performing a delegated function, an agent owes a duty to the trustee to exercise reasonable care to comply with the terms of the delegation. This duty shall be enforced by the trustee. (c) A trustee who complies with paragraphs (a) and (b) is not liable to the beneficiaries or to the trust for an action of the agent to whom the function was delegated. (d) By accepting a delegation of powers or duties from the trustee of a trust that is subject to the laws of this state, an agent submits to the jurisdiction of the courts of this state. History:   2015 c 5 art 8 s 5
MN Stat § 501C.0809 (2021)
2021 Minnesota Statutes|Chapters 500 - 515B — Property And Property Interests|Chapter 501C — Trusts|Section 501C.0809 — Control, Protection, And Delivery Of Trust Property.

501C.0809 CONTROL, PROTECTION, AND DELIVERY OF TRUST PROPERTY. (a) A trustee shall take reasonable steps to compel a former trustee or other person to deliver the trust's tangible personal property and evidence of ownership of other trust property to the trustee. (b) A trustee shall take reasonable steps to take control of and protect the trust property, except that this duty does not apply to, and the trustee is not responsible for, items of tangible personal property that are property of a trust revocable by the settlor and that are not in the possession or control of the trustee. History:   2015 c 5 art 8 s 7
MN Stat § 501C.0810 (2021)
2021 Minnesota Statutes|Chapters 500 - 515B — Property And Property Interests|Chapter 501C — Trusts|Section 501C.0810 — Record Keeping And Identification Of Trust Property.

501C.0810 RECORD KEEPING AND IDENTIFICATION OF TRUST PROPERTY. (a) A trustee shall keep adequate records of the administration of the trust. (b) A trustee shall keep trust property separate from the trustee's own property. (c) If the trustee maintains records clearly indicating the respective interests, a trustee may invest as a whole the property of two or more separate trusts. History:   2015 c 5 art 8 s 8
MN Stat § 501C.0811 (2021)
2021 Minnesota Statutes|Chapters 500 - 515B — Property And Property Interests|Chapter 501C — Trusts|Section 501C.0811 — Enforcement And Defense Of Claims.

501C.0811 ENFORCEMENT AND DEFENSE OF CLAIMS. (a) A trustee shall take reasonable steps to redress a breach of trust known to the trustee to have been committed by a former trustee. (b) A trustee shall take reasonable steps to enforce claims of the trust known to the trustee and to defend claims against the trust. History:   2015 c 5 art 8 s 9
MN Stat § 501C.0813 (2021)
2021 Minnesota Statutes|Chapters 500 - 515B — Property And Property Interests|Chapter 501C — Trusts|Section 501C.0813 — Duty To Inform And Report.

501C.0813 DUTY TO INFORM AND REPORT. (a) A trustee shall keep the qualified beneficiaries of an irrevocable trust reasonably informed about the administration of the trust and of the material facts necessary to protect their interests. Unless unreasonable under the circumstances, a trustee shall promptly respond to a beneficiary's request for information related to the administration of an irrevocable trust. (b) A settlor may provide, by an express provision in the trust instrument, that paragraph (a) shall not apply to the administration of a trust during any period when the trustee is required by the terms of the trust to keep the settlor or another person, including one or more beneficiaries of the trust or a representative of a beneficiary, reasonably informed about the administration of the trust and of the material facts necessary to protect the beneficiaries' interests. A trustee shall promptly respond to such person's requests for information related to the administration of the trust. Unless the terms of the trust provide otherwise, any person to whom trust administration information is furnished shall have standing to enforce the trust but acts in a nonfiduciary capacity and has no duty or responsibility to enforce the trust or to take any other action with respect to the information furnished. If a settlor has, by an express provision in the trust instrument, prohibited a trustee from sharing information with beneficiaries, including but not limited to accountings, a trustee shall have the right to seek judicial approval by filing a petition with the court. Such petition shall comply with the notice provisions of section 501C.0203. (c) A beneficiary may waive the right to information otherwise required to be furnished under paragraph (a). A beneficiary may withdraw any such waiver previously given. Any waiver or withdrawal of a waiver must be made by notice delivered to the trustee. History:   2015 c 5 art 8 s 10
MN Stat § 501C.0815 (2021)
2021 Minnesota Statutes|Chapters 500 - 515B — Property And Property Interests|Chapter 501C — Trusts|Section 501C.0815 — General Powers Of Trustee.

501C.0815 GENERAL POWERS OF TRUSTEE. (a) A trustee, without authorization by the court, may exercise: (1) powers conferred by the terms of the trust; and (2) except as limited by the terms of the trust: (i) all powers over the trust property which an unmarried competent owner has over individually owned property; (ii) any other powers appropriate to achieve the proper investment, management, and distribution of the trust property; and (iii) any other powers conferred by this chapter. (b) The exercise of a power is subject to the fiduciary duties prescribed by this chapter. History:   2015 c 5 art 8 s 12
MN Stat § 501C.0817 (2021)
2021 Minnesota Statutes|Chapters 500 - 515B — Property And Property Interests|Chapter 501C — Trusts|Section 501C.0817 — Distribution Upon Termination.

501C.0817 DISTRIBUTION UPON TERMINATION. (a) Upon termination or partial termination of a trust, the trustee may send to the beneficiaries a proposal for distribution. The right of any beneficiary to object to the proposed distribution terminates if the beneficiary does not notify the trustee of an objection within 30 days after the proposal was sent but only if the proposal informed the beneficiary of the right to object and of the time allowed for objection. (b) Upon the occurrence of an event terminating or partially terminating a trust, the trustee shall proceed expeditiously to distribute the trust property to the persons entitled to it, subject to the right of the trustee to retain a reasonable reserve for the payment of debts, expenses, and taxes and to secure a right of reimbursement if the reserve is inadequate. (c) A release by a beneficiary of a trustee from liability for breach of trust is invalid to the extent it was induced by improper conduct of the trustee. History:   2015 c 5 art 8 s 14
MN Stat § 501C.1001 (2021)
2021 Minnesota Statutes|Chapters 500 - 515B — Property And Property Interests|Chapter 501C — Trusts|Section 501C.1001 — Remedies For Breach Of Trust.

501C.1001 REMEDIES FOR BREACH OF TRUST. (a) A violation by a trustee of a duty the trustee owes to a beneficiary is a breach of trust. (b) To remedy a breach of trust that has occurred or may occur, the court may: (1) compel the trustee to perform the trustee's duties; (2) enjoin the trustee from committing a breach of trust; (3) compel the trustee to redress a breach of trust by paying money, restoring property, or other means; (4) order a trustee to account; (5) appoint a special fiduciary to take possession of the trust property and administer the trust; (6) suspend the trustee; (7) remove the trustee as provided in section 501C.0706; (8) reduce or deny compensation to the trustee; (9) subject to section 501C.1012, void an act of the trustee, impose a lien or a constructive trust on trust property, or trace trust property wrongfully disposed of and recover the property or its proceeds; or (10) order any other appropriate relief. History:   2015 c 5 art 10 s 1
MN Stat § 501C.1002 (2021)
2021 Minnesota Statutes|Chapters 500 - 515B — Property And Property Interests|Chapter 501C — Trusts|Section 501C.1002 — Damages For Breach Of Trust.

501C.1002 DAMAGES FOR BREACH OF TRUST. (a) A trustee who commits a breach of trust is liable for the greater of: (1) the amount required to restore the value of the trust property and trust distributions to what they would have been had the breach not occurred; or (2) the profit the trustee made by reason of the breach. (b) If more than one trustee is liable for a breach of trust, a trustee is entitled to contribution or indemnity from the other trustee or trustees as the court may determine. History:   2015 c 5 art 10 s 2
MN Stat § 501C.1003 (2021)
2021 Minnesota Statutes|Chapters 500 - 515B — Property And Property Interests|Chapter 501C — Trusts|Section 501C.1003 — Remedies In Absence Of Breach.

501C.1003 REMEDIES IN ABSENCE OF BREACH. (a) A trustee is chargeable for any profit made by the trustee arising from the administration of the trust, even absent a breach of trust. (b) Absent a breach of trust, a trustee is not liable for a loss or depreciation in the value of trust property or for not having made a profit. (c) This section does not limit a trustee's right to payments that are permitted under section 501C.0802. History:   2015 c 5 art 10 s 3
MN Stat § 501C.1004 (2021)
2021 Minnesota Statutes|Chapters 500 - 515B — Property And Property Interests|Chapter 501C — Trusts|Section 501C.1004 — Attorney Fees And Costs.

501C.1004 ATTORNEY FEES AND COSTS. In a judicial proceeding involving the administration of a trust, the court, as justice and equity may require, may award costs and expenses, including reasonable attorney fees, to any party from the trust that is the subject of the judicial proceeding. History:   2015 c 5 art 10 s 4
MN Stat § 501C.1005 (2021)
2021 Minnesota Statutes|Chapters 500 - 515B — Property And Property Interests|Chapter 501C — Trusts|Section 501C.1005 — Limitation Of Action Against Trustee.

501C.1005 LIMITATION OF ACTION AGAINST TRUSTEE. (a) A beneficiary may not commence a judicial proceeding against a trustee more than three years after the date the beneficiary or a representative of the beneficiary was sent a report that adequately disclosed the existence of a potential claim. If a report is sent after January 1, 2016, the report may cover a period before January 1, 2016. (b) A report adequately discloses the existence of a potential claim if it provides sufficient information so that the beneficiary or representative knows of the potential claim or should have inquired into its existence. (c) If paragraph (a) does not apply, a judicial proceeding by a beneficiary against a trustee must be commenced within six years after the first to occur of: (1) the removal, resignation, or death of the trustee; (2) the termination of the beneficiary's interest in the trust; or (3) the termination of the trust. History:   2015 c 5 art 10 s 5
MN Stat § 501C.1006 (2021)
2021 Minnesota Statutes|Chapters 500 - 515B — Property And Property Interests|Chapter 501C — Trusts|Section 501C.1006 — Reliance On Trust Instrument.

501C.1006 RELIANCE ON TRUST INSTRUMENT. A trustee who acts in reasonable reliance on the terms of the trust as expressed in the trust instrument is not liable for a breach of trust to the extent the breach resulted from the reliance. History:   2015 c 5 art 10 s 6
MN Stat § 501C.1007 (2021)
2021 Minnesota Statutes|Chapters 500 - 515B — Property And Property Interests|Chapter 501C — Trusts|Section 501C.1007 — Event Affecting Administration Or Distribution.

501C.1007 EVENT AFFECTING ADMINISTRATION OR DISTRIBUTION. If the occurrence of an event, including marriage, divorce, performance of educational requirements, or death, affects the administration or distribution of a trust, a trustee who has exercised reasonable care to ascertain the occurrence of the event is not liable for a loss resulting from the trustee's lack of knowledge. History:   2015 c 5 art 10 s 7
MN Stat § 501C.1008 (2021)
2021 Minnesota Statutes|Chapters 500 - 515B — Property And Property Interests|Chapter 501C — Trusts|Section 501C.1008 — Exculpation Of Trustee.

501C.1008 EXCULPATION OF TRUSTEE. (a) The terms of a trust relieving a trustee of liability for breach of trust is unenforceable to the extent that it: (1) relieves the trustee of liability for breach of trust committed in bad faith or with reckless indifference to the purposes of the trust or the interests of the beneficiaries; or (2) was inserted as the result of an abuse by the trustee of a fiduciary or confidential relationship to the settlor. (b) An exculpatory term drafted or caused to be drafted by the trustee is invalid as an abuse of a fiduciary or confidential relationship unless: (1) the settlor is represented by independent counsel with respect to the trust instrument containing the term; or (2) the trustee proves that the exculpatory term is fair under the circumstances and that its existence and contents were adequately communicated to the settlor. History:   2015 c 5 art 10 s 8
MN Stat § 501C.1009 (2021)
2021 Minnesota Statutes|Chapters 500 - 515B — Property And Property Interests|Chapter 501C — Trusts|Section 501C.1009 — Beneficiary's Consent, Release, Or Ratification.

501C.1009 BENEFICIARY'S CONSENT, RELEASE, OR RATIFICATION. A beneficiary's consent to a trustee's conduct, release of the trustee from liability for the trustee's conduct, or ratification of the trustee's conduct is binding unless: (1) the consent, release, or ratification of the beneficiary was induced by improper conduct of the trustee; or (2) at the time of the consent, release, or ratification, the beneficiary did not know of the beneficiary's rights or of the material facts relating to the trustee's conduct and the trustee did know of the material facts relating to the trustee's conduct. History:   2015 c 5 art 10 s 9
MN Stat § 501C.1010 (2021)
2021 Minnesota Statutes|Chapters 500 - 515B — Property And Property Interests|Chapter 501C — Trusts|Section 501C.1010 — Limitation On Personal Liability Of Trustee.

501C.1010 LIMITATION ON PERSONAL LIABILITY OF TRUSTEE. (a) Except as otherwise provided in the contract, a trustee is not personally liable on a contract properly entered into in the trustee's fiduciary capacity in the course of administering the trust if the trustee in the contract disclosed the fiduciary capacity. (b) A trustee is not personally liable for torts committed in the course of administering a trust, or for obligations arising from ownership or control of trust property, including liability for violation of environmental law, unless the trustee is personally at fault. (c) A claim based on a contract entered into by a trustee in the trustee's fiduciary capacity, on an obligation arising from ownership or control of trust property, or on a tort committed in the course of administering a trust, may be asserted in a judicial proceeding against the trustee in the trustee's fiduciary capacity, whether or not the trustee is personally liable for the claim. History:   2015 c 5 art 10 s 10
MN Stat § 501C.1011 (2021)
2021 Minnesota Statutes|Chapters 500 - 515B — Property And Property Interests|Chapter 501C — Trusts|Section 501C.1011 — Interest As General Partner.

501C.1011 INTEREST AS GENERAL PARTNER. (a) Unless personal liability is imposed in the contract, a trustee who holds an interest as a general partner in a general or limited partnership is not personally liable on a contract entered into by the partnership after the trust's acquisition of the interest if the trustee's fiduciary capacity was disclosed in the contract or, at the time of contracting, the other party to the contract had knowledge of the trustee's fiduciary capacity. (b) A trustee who holds an interest as a general partner in a general or limited partnership is not personally liable for any obligation of the partnership arising or resulting from a tort or other wrongful act or for any obligation arising from ownership or control of the interest unless the trustee is personally at fault. (c) Nothing in this section shall limit the protection otherwise existing by reason of the partnership's status as a limited liability partnership or a limited liability limited partnership. History:   2015 c 5 art 10 s 11
MN Stat § 501C.1012 (2021)
2021 Minnesota Statutes|Chapters 500 - 515B — Property And Property Interests|Chapter 501C — Trusts|Section 501C.1012 — Protection Of Person Dealing With Trustee.

501C.1012 PROTECTION OF PERSON DEALING WITH TRUSTEE. (a) A person other than a beneficiary who in good faith assists a trustee, or who in good faith and for value deals with a trustee, without knowledge that the trustee is exceeding or improperly exercising the trustee's powers is protected from liability as if the trustee properly exercised the power. (b) A person other than a beneficiary who in good faith deals with a trustee is not required to inquire into the extent of the trustee's powers or the propriety of their exercise. (c) A person who in good faith delivers assets to a trustee need not ensure their proper application. (d) A person other than a beneficiary who in good faith assists a former trustee, or who in good faith and for value deals with a former trustee, without knowledge that the trusteeship has terminated is protected from liability as if the former trustee were still a trustee. (e) Nothing in this section shall limit the protection provided by other laws relating to commercial trust accounts or transfers of securities by fiduciaries. History:   2015 c 5 art 10 s 12
MN Stat § 501C.1014 (2021)
2021 Minnesota Statutes|Chapters 500 - 515B — Property And Property Interests|Chapter 501C — Trusts|Section 501C.1014 — Affidavit Of Trustee In Real Property Transactions.

501C.1014 AFFIDAVIT OF TRUSTEE IN REAL PROPERTY TRANSACTIONS. Subdivision 1. Form of affidavit for inter vivos trust. An affidavit of a trustee or of trustees of an inter vivos trust in support of a real property transaction may be substantially in the following form:     ) ss.   .   , Affiant   .   Signature of Notary Public or Other Official  ) ss.   .   , Affiant   .   Signature of Notary Public or Other Official   Notary Stamp or Seal   This instrument was drafted by:    .     .    Subd. 3.Effect. An affidavit by the trustee or trustees under subdivision 1 or 2 is proof that: (1) the trust described in the affidavit is a valid trust; (2) either the trust has not terminated or the trust instrument has not been revoked or, if the trust has terminated or the trust instrument has been revoked, the conveyance described in the affidavit is made pursuant to the provisions of the trust; (3) the powers granted the trustee or trustees extend to the real property described in the affidavit or attachment to the affidavit; (4) no amendment to the trust has been made limiting the power of the trustee or trustees to sell, convey, pledge, mortgage, lease, or transfer title to the real property described in the affidavit or attachment to the affidavit, if any; (5) the requisite number of trustees have executed and delivered the instrument of conveyance described in the affidavit; and (6) any necessary court approval of the transaction has been obtained. The proof is conclusive as to any party relying on the affidavit, except a party dealing directly with the trustee or trustees who has actual knowledge of facts to the contrary. Subd. 4. Recording. An Affidavit of Trustee or Trustees under subdivisions 1 and 2 may be recorded in the office of the county recorder for any county or in the office of the registrar of titles for any county with respect to registered land described in the affidavit, or in the Certificate of Trust or Trust Instrument referred to in the affidavit, and may be recorded as a separate document or combined with or attached to an original or certified copy of a Certificate of Trust or Trust Instrument, and recorded as one document. History:   2015 c 5 art 10 s 14