reglab/housing_qa huggingface dataset:
MN Stat § 501C.1201 (2021)
2021 Minnesota Statutes|Chapters 500 - 515B — Property And Property Interests|Chapter 501C — Trusts|Section 501C.1201 — Memorial Fund.

501C.1201 MEMORIAL FUND. Subdivision 1. Establishment. A trust may be created for the purpose of establishing a fund for the benefit of one or more individuals with a single transfer under the Minnesota Uniform Custodial Trust Act in the manner and form provided by section 529.17. A trust authorized under this section must be created and administered and is subject to the Minnesota Uniform Custodial Trust Act. Subd. 2. Additional funds. Notwithstanding subdivision 1, after a fund has been created, additional funds may be transferred to the fund without the formalities required by chapter 529 if the transferor manifests a reasonable expression of intent to make the transfer, together with a reasonable form of delivery of the property including, but not limited to, the following: (1) a check payable to the name of the fund and delivered to the trustee or the trustee's custodial agent; (2) delivery of cash or tangible personal property to the trustee or to the trustee's custodial agent; (3) delivery and recording of title of stock or other registered security in the name of the fund; (4) delivery of a deed and acceptance of the deed by the trustee of the fund, or the recording of a deed in the name of the trustee of the fund with the applicable county recorder or registrar of titles for real property; and (5) any other means of transfer and delivery so that a reasonable person would conclude that the transferor intended the property be titled in the name of, and used for the benefit of the beneficiaries of, the fund. History:   2015 c 5 art 12 s 1
MN Stat § 501C.1202 (2021)
2021 Minnesota Statutes|Chapters 500 - 515B — Property And Property Interests|Chapter 501C — Trusts|Section 501C.1202 — Suspension Of The Power Of Alienation.

501C.1202 SUSPENSION OF THE POWER OF ALIENATION. Subdivision 1. Suspension; exceptions. (a) The power of alienation is suspended if there are no persons in being who, alone or in conjunction with others, can convey an absolute fee in possession or absolute ownership of real property or absolute ownership of personal property. (b) There is no suspension of the power of alienation by the terms of a trust or by interests in property held in trust if there is an unlimited power in one or more persons then in being to terminate the trust, by revocation or otherwise, and to acquire an absolute fee in possession or absolute ownership of the trust property. (c) There is no suspension of the power of alienation by the terms of a trust or by interests in property held in trust if the trustee has power to sell an absolute fee in possession or absolute ownership of the trust property. Subd. 2. Suspension for 21 years. The power of alienation of property held in trust may be suspended, by the terms of the trust, for a period of not more than 21 years. During any period of suspension of the power of alienation of real property, sections 501C.0201 to 501C.0208 apply. Notwithstanding any contrary term of a trust, suspension of the power of alienation by the terms of a trust ceases after a period of 21 years, after which the trustee has the power to convey an absolute fee in possession or absolute ownership of the trust property, and to mortgage, pledge, and lease the same. A provision in the terms of a trust for forfeiture of the interest of a trustee or beneficiary if the trustee or beneficiary participates in or seeks to convey, mortgage, pledge, or lease trust property after the expiration of a 21-year period of suspension is void. Subd. 3. Inapplicable to certain trusts. Subdivision 2 does not apply to a trust if the beneficial interests in the trust are evidenced by or constitute securities within the meaning of section 2(1) of the Securities Act of 1933, title 15, United States Code, section 77(b)(1). Subd. 4. Void future interests. Every future interest in real or personal property not held in trust is void in its creation if it might suspend the power of alienation for a period longer than a life or lives in being plus 21 years. History:   2015 c 5 art 12 s 2
MN Stat § 501C.1203 (2021)
2021 Minnesota Statutes|Chapters 500 - 515B — Property And Property Interests|Chapter 501C — Trusts|Section 501C.1203 — Trusts Forming Part Of Retirement Plans For Participating Members.

501C.1203 TRUSTS FORMING PART OF RETIREMENT PLANS FOR PARTICIPATING MEMBERS. If a trust forms part of a retirement plan created by and for the benefit of self-employed persons for the purpose of receiving their contributions and investing, accumulating, and distributing to the persons or their beneficiaries the corpus, profits, and earnings of the trust in accordance with the plan, the power of a person beneficially interested in the trust to sell, assign, or transfer that beneficial interest, to anticipate payments under the plan, or to terminate the trust, may be limited or withheld in accordance with the provisions of the plan, whether or not the person furnished consideration for the creation of the trust. History:   2015 c 5 art 12 s 3
MN Stat § 501C.1204 (2021)
2021 Minnesota Statutes|Chapters 500 - 515B — Property And Property Interests|Chapter 501C — Trusts|Section 501C.1204 — Trusts Not Affected.

501C.1204 TRUSTS NOT AFFECTED. Notwithstanding other law to the contrary, a trust created before June 1, 1973, relating to one's "minority" or "majority" or other related terms is governed by the definitions of those terms existing at the time of the creation of the trust. History:   2015 c 5 art 12 s 4
MN Stat § 501C.1207 (2021)
2021 Minnesota Statutes|Chapters 500 - 515B — Property And Property Interests|Chapter 501C — Trusts|Section 501C.1207 — Effect Of Dissolution Of Marriage.

501C.1207 EFFECT OF DISSOLUTION OF MARRIAGE. Subdivision 1. Revocation of certain trust provisions. If after execution of a trust instrument in which a sole settlor reserves a power to alter, amend, revoke, or terminate the provisions of the trust, the settlor's marriage is dissolved or annulled, the dissolution or annulment revokes any disposition, provision for beneficial enjoyment or appointment of property made by the trust instrument to a settlor's former spouse, any provisions conferring a general or special power of appointment on the former spouse and any appointment of the former spouse as trustee, unless the trust instrument expressly provides otherwise. Subd. 2. Passing of property. Property prevented from passing to a former spouse because of revocation by dissolution or annulment of marriage passes as if the former spouse died on the date of the entry of the judgment and decree dissolving or annulling the settlor's marriage and other provisions conferring some power or office on the former spouse are interpreted as if the former spouse died on the date of the entry of the judgment and decree dissolving or annulling the settlor's marriage. Subd. 3. Revival of revoked provisions. If provisions are revoked solely by this section, they are revived by the settlor's remarriage to the former spouse. For purposes of this chapter, dissolution of marriage includes divorce. A decree of separation which does not terminate the status of husband and wife is not a dissolution of marriage for purposes of this section. No change of circumstances other than as described in this section revokes a trust instrument. History:   2015 c 5 art 12 s 7
MN Stat § 501C.1208 (2021)
2021 Minnesota Statutes|Chapters 500 - 515B — Property And Property Interests|Chapter 501C — Trusts|Section 501C.1208 — Settlor And Agents Of Settlor.

501C.1208 SETTLOR AND AGENTS OF SETTLOR. If a trust instrument reserves to the settlor, in a nonfiduciary capacity, the control over any or all investment decisions, the trustee is not responsible for the investment decisions made by the settlor or an agent of the settlor. History:   2015 c 5 art 12 s 8
MN Stat § 501C.1301 (2021)
2021 Minnesota Statutes|Chapters 500 - 515B — Property And Property Interests|Chapter 501C — Trusts|Section 501C.1301 — Uniformity Of Application And Construction.

501C.1301 UNIFORMITY OF APPLICATION AND CONSTRUCTION. In applying and construing sections 501C.0101 to 501C.1014, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it. History:   2015 c 5 art 13 s 1
MN Stat § 501C.1302 (2021)
2021 Minnesota Statutes|Chapters 500 - 515B — Property And Property Interests|Chapter 501C — Trusts|Section 501C.1302 — Electronic Records And Signatures.

501C.1302 ELECTRONIC RECORDS AND SIGNATURES. The provisions of sections 501C.0101 to 501C.1208 governing the legal effect, validity, or enforceability of electronic records or electronic signatures, and of contracts formed or performed with the use of such records or signatures, conform to the requirements of section 102 of the Electronic Signatures in Global and National Commerce Act, United States Code, title 15, section 7002, and supersede, modify, and limit the requirements of the Electronic Signatures in Global and National Commerce Act. History:   2015 c 5 art 13 s 2
MN Stat § 501C.1303 (2021)
2021 Minnesota Statutes|Chapters 500 - 515B — Property And Property Interests|Chapter 501C — Trusts|Section 501C.1303 — Severability.

501C.1303 SEVERABILITY. If any provision located in sections 501C.0101 to 501C.1208 or their application to any person or circumstances is held invalid, the invalidity does not affect other provisions or applications of any provision located in sections 501C.0101 to 501C.1208 which can be given effect without the invalid provision or application, and to this end the provisions of this chapter are severable. History:   2015 c 5 art 13 s 3
MN Stat § 501C.1304 (2021)
2021 Minnesota Statutes|Chapters 500 - 515B — Property And Property Interests|Chapter 501C — Trusts|Section 501C.1304 — Application To Existing Relationships.

501C.1304 APPLICATION TO EXISTING RELATIONSHIPS. (a) Except as otherwise provided in sections 501C.0101 to 501C.1208: (1) sections 501C.0101 to 501C.1208 apply to all trusts created before, on, or after January 1, 2016; (2) sections 501C.0101 to 501C.1208 apply to all judicial proceedings concerning trusts commenced on or after January 1, 2016; (3) sections 501C.0101 to 501C.1208 apply to judicial proceedings concerning trusts commenced before January 1, 2016, unless the court finds that application of a particular provision of this chapter would substantially interfere with the effective conduct of the judicial proceedings or unfairly prejudice the rights of the parties; (4) any rule of construction or presumption provided in sections 501C.0101 to 501C.1208 apply to trust instruments executed before January 1, 2016, unless there is a clear indication of a contrary intent in the terms of the trust; and (5) an act or omission that occurs before January 1, 2016, is not affected by sections 501C.0101 to 501C.1208. (b) If a right is acquired, extinguished, or barred upon the expiration of a prescribed period that has commenced to run under any other statute before January 1, 2016, that statute continues to apply to the right even if it has been repealed or superseded. History:   2015 c 5 art 13 s 4
MN Stat § 502.80 (2021)
2021 Minnesota Statutes|Chapters 500 - 515B — Property And Property Interests|Chapter 502 — Powers Of Appointment|Section 502.80 — Common Law Of Powers Retained, Except As Modified By This Chapter.

502.80 COMMON LAW OF POWERS RETAINED, EXCEPT AS MODIFIED BY THIS CHAPTER. (a) The common law of powers remains in full force and effect and supplements the provisions of this chapter, unless explicitly modified or displaced by this chapter. (b) If any provision of this chapter differs or is inconsistent with any provision in chapter 523 relating to powers of attorney, the provisions of chapter 523 shall prevail to the extent the provisions are different or inconsistent. History:   2015 c 5 art 14 s 1
MN Stat § 502.81 (2021)
2021 Minnesota Statutes|Chapters 500 - 515B — Property And Property Interests|Chapter 502 — Powers Of Appointment|Section 502.81 — Definitions.

502.81 DEFINITIONS. Subdivision 1. Application. The terms defined in this section apply to this chapter. Subd. 2. Appointee. "Appointee" means the person in whose favor a power of appointment is exercisable. Subd. 3. Appointive property. "Appointive property" means property which is the subject of a power of appointment. Subd. 4. Donee. "Donee" means the person to whom a power is given or in whose favor a power is reserved. Subd. 5. Donor. "Donor" means the person who creates or reserves a power. Subd. 6. Power. "Power" means an authority to do any act in relation to property, including the creation or revocation of an estate therein or a charge thereon, that the donor of the power might do, except that the term, as used in this chapter, does not apply to a power of attorney to convey property in the name of the owner. History:   2015 c 5 art 14 s 2
MN Stat § 502.82 (2021)
2021 Minnesota Statutes|Chapters 500 - 515B — Property And Property Interests|Chapter 502 — Powers Of Appointment|Section 502.82 — Varieties Of Power.

502.82 VARIETIES OF POWER. Subdivision 1. Powers of appointment and other powers. This chapter applies to powers of appointment. A power of appointment, as the term is used in this chapter, is an authority created or reserved by a donor having property subject to the donor's disposition, enabling the donee to designate, within the limits that may be prescribed by the donor, the appointees of the property, the shares, or the manner in which the property shall be received. Subd. 2. Classification of powers of appointment as to kind; general and special; exclusive and nonexclusive. (a) A power of appointment is: (1) general or special; and (2) exclusive or nonexclusive. (b) A power of appointment is general to the extent that it is exercisable wholly in favor of the donee, the donee's estate, the donee's creditors, or the creditors of the donee's estate. (c) All other powers of appointment are special. (d) A special power of appointment is exclusive if it may be exercised in favor of one or more of the appointees to the exclusion of the others. (e) A special power of appointment is nonexclusive if it must be exercised in favor of all the appointees. Subd. 3. Classification of powers of appointment as to time of exercise; presently exercisable, testamentary, and postponed. (a) A power of appointment, as to the time of its exercise, may be presently exercisable, testamentary, or postponed. (b) A power of appointment is presently exercisable if it may be exercised by the donee, during the donee's lifetime or by the donee's written will, at any time after its creation, and does not include a postponed power as described in paragraph (d). (c) A power of appointment is testamentary if it is exercisable only by a written will of the donee. (d) A power of appointment is postponed if it is exercisable by the donee only after the expiration of a stated time or after the occurrence or nonoccurrence of a specified event. Subd. 4. Classification of powers of appointment as to duty to exercise; imperative and discretionary. (a) A power of appointment is either imperative or discretionary. (b) A power of appointment is imperative if the instrument creating the power imposes on the donee a duty to exercise it, and the power may be imperative even though it is exclusive. (c) A power of appointment is discretionary if the donee is authorized to exercise or not to exercise it. History:   2015 c 5 art 14 s 3
MN Stat § 502.83 (2021)
2021 Minnesota Statutes|Chapters 500 - 515B — Property And Property Interests|Chapter 502 — Powers Of Appointment|Section 502.83 — Rules For Creation Of A Power Of Appointment.

502.83 RULES FOR CREATION OF A POWER OF APPOINTMENT. The donor of a power of appointment: (1) must be a person capable of transferring the appointive property; (2) must have created or reserved the power by a written instrument executed by the donor in the manner required by law; (3) must manifest the donor's intention to confer the power on a person capable of holding the appointive property; and (4) must not nullify or alter the rights of creditors of the donee, as defined in this chapter, by any language in the instrument creating or reserving the power purporting to give the interest of the donee a spendthrift character. History:   2015 c 5 art 14 s 4
MN Stat § 502.84 (2021)
2021 Minnesota Statutes|Chapters 500 - 515B — Property And Property Interests|Chapter 502 — Powers Of Appointment|Section 502.84 — Extent Of Donee's Authority To Appoint Or Contract To Appoint An Estate In Appointive Property.

502.84 EXTENT OF DONEE'S AUTHORITY TO APPOINT OR CONTRACT TO APPOINT AN ESTATE IN APPOINTIVE PROPERTY. Subdivision 1. Scope of the authority of the donee. The scope of the donee's authority as to appointees and as to the time and manner of the appointment is unlimited except as the donor manifests a contrary intention. Subd. 2. Contract to appoint; power presently exercisable. The donee of a power of appointment which is presently exercisable, or of a postponed power which has become exercisable, can contract to make an appointment to the extent that the contract or the promised appointment does not confer a benefit upon a person who is not a permissible appointee under the power. Subd. 3. Contract to appoint; power not presently exercisable. (a) The donee of a power of appointment which is not presently exercisable, or of a postponed power which has not become exercisable, must not contract to make an appointment, except that this prohibition shall not apply if the donor and donee are the same person. A prohibited contract under this subdivision, if made, must not be the basis of an action for specific performance or damages, but the promisee may obtain restitution of the value given by the promisee for the promise unless the donee has exercised the power pursuant to the contract. (b) The provisions of this section do not abridge the ability of the donee of a power of appointment, which is not presently exercisable, to release the power pursuant to section 502.87, subdivision 2, except that where the donor designated persons or a class to take in default of the donee's exercise of the power, a release with respect to appointive property must serve to benefit all those so designated as provided by the donor. Subd. 4. Priority. With respect to real property subject to a power of appointment, the interest of a donee and any appointee has priority as against creditors, purchasers, or encumbrancers of the real property, or as against a person having an estate in the real property, only from the time at which the instrument creating the power is duly recorded, but only if the creditors, purchasers, encumbrancers, and estate holders act in good faith or without notice. As against all other persons, this interest has priority from the time at which the instrument creating the power takes effect. History:   2015 c 5 art 14 s 5
MN Stat § 502.86 (2021)
2021 Minnesota Statutes|Chapters 500 - 515B — Property And Property Interests|Chapter 502 — Powers Of Appointment|Section 502.86 — Rights Of Creditors In Appointive Property.

502.86 RIGHTS OF CREDITORS IN APPOINTIVE PROPERTY. Subdivision 1. Special power. Property that is covered by either a special power of appointment or a general power of appointment that is exercisable solely for the support, maintenance, health, and education of the donee within the meaning of sections 2041 and 2514 of the Internal Revenue Code is not subject to the payment of the claims of creditors of the donee, the donee's estate, or the expenses of administering the donee's estate. Subd. 2. General power currently exercisable. Property that is covered by a general power of appointment, other than one exercisable solely for the support, maintenance, health, and education of the donee within the meaning of sections 2041 and 2514 of the Internal Revenue Code, that is presently exercisable, or of a postponed power that has become exercisable, is subject to the payment of the claims of creditors of the donee, the donee's estate, and the expenses of administering the donee's estate, but only to the extent that other property available for the payment of the creditor's claim is insufficient for this payment. It is immaterial whether the donor of the power is the donee or some other person, or whether the donee has or has not purported to exercise the power. Subd. 3. Power subject to a condition. A general power of appointment may be created subject to a condition precedent or subsequent, and, until the condition is fulfilled, it is not subject to the provisions of subdivision 2. Subd. 4. General power not presently exercisable. Property that is covered by a general power of appointment which, when created, is not presently exercisable, is subject to the payment of the claims of creditors of the donee, the donee's estate, and the expenses of administering the donee's estate only if: (1) the power was created by the donee in favor of the donee; or (2) a postponed power becomes exercisable in accordance with the terms of the creating instrument, except in the case of a testamentary general power. History:   2015 c 5 art 14 s 8
MN Stat § 502.87 (2021)
2021 Minnesota Statutes|Chapters 500 - 515B — Property And Property Interests|Chapter 502 — Powers Of Appointment|Section 502.87 — Revocation And Release Of A Power Of Appointment.

502.87 REVOCATION AND RELEASE OF A POWER OF APPOINTMENT. Subdivision 1. Revocability of a power of appointment. (a) A power of appointment is irrevocable unless the donor reserves the right to revoke it. (b) An exercise of power of appointment is irrevocable whenever: (1) the donor of a special power manifests an intent that the exercise of the special power be irrevocable; or (2) the donee does not manifest in the instrument exercising the power an intent to reserve a power of revocation. (c) If the donee in exercising a power reserves a power to revoke the appointment, but does not expressly reserve a power to reappoint, upon the exercise of the power of revocation, the donee may reappoint. (d) An instrument exercising a power of appointment is affected by fraud in the same manner as a deed or will executed by an owner or by a trustee of property. Subd. 2. Release of a power of appointment. (a) Any power of appointment, whether exercisable only by deed, only by will, or by either deed or will, and whether general or special, exclusive or nonexclusive, is releasable, either with or without consideration, by written instrument signed by the donee of the power and delivered as provided in paragraph (c). (b) A releasable power of appointment may be released with respect to all or any part of the appointive property and may also be released in a manner as to reduce or limit the appointees, or classes of appointees, in whose favor the power is exercisable. (c) A release may be delivered to any of the following persons in the order provided: (1) any person specified for this purpose in the instrument creating the power; (2) if no person is specified as provided in clause (1), any trustee of the property subject to the power; or (3) if no person is specified as provided in clause (1) or serving as trustee as provided in clause (2), any person, other than the donee, who might be adversely affected by an exercise of the power. (d) In addition to the provisions of paragraph (c), a release may be delivered to the county clerk of the county in which the donee resides or has a place of business or in which the instrument creating the power is filed, to be duly filed by the clerk upon the payment of the fees due for the filing or, if the power was created by will, to the clerk of the probate court having jurisdiction over the estate of the donor. (e) This section applies to releases delivered on or after January 1, 2016. History:   2015 c 5 art 14 s 9