reglab/housing_qa huggingface dataset:
MS Code § 91-8-601 (2020)
2020 Mississippi Code|Title 91 - Trusts and Estates|Chapter 8 - Mississippi Uniform Trust Code|Article 6 - Revocable Trusts|§ 91-8-601. Capacity of settlor of revocable trust

 The capacity required to create, amend, revoke, or add property to 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. To be effective as a post-death disposition of property transferred during the transferor's life or by the transferor's will to a trust of which the transferor is the settlor or deemed to be the settlor, neither a revocable nor an irrevocable trust existing on or executed after July 1, 2014, has to be executed with the formalities of a will.
MS Code § 91-8-602 (2020)
2020 Mississippi Code|Title 91 - Trusts and Estates|Chapter 8 - Mississippi Uniform Trust Code|Article 6 - Revocable Trusts|§ 91-8-602. Revocation or amendment of revocable trust

 Unless the terms of a trust expressly provide that the trust is irrevocable, the settlor may revoke or amend the trust. This subsection (a) does not apply to a trust created under an instrument executed before July 1, 2014.   If a revocable trust is created or funded by more than one (1) settlor:    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;   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;   At the death of one (1) settlor, each surviving settlor shall have the right to revoke the trust as to the surviving settlor's portion of the trust as determined by the type of property in accordance with subsection (b) (1) or (2); and   Upon the revocation or amendment of the trust by fewer than all of the settlors or upon the death of one (1) of the settlors, the trustee shall promptly notify the other settlors of the revocation, amendment or death.    The settlor may revoke or amend a revocable trust:   By substantial compliance with a method provided in the terms of the trust; or   If the terms of the trust do not provide a method or the method provided in the terms is not expressly made exclusive, by:   A later will or codicil that expressly refers to the trust or specifically devises property that would otherwise have passed according to the terms of the trust; or   Any other method manifesting clear and convincing evidence of the settlor's intent; however, a written revocable trust may only be amended and revoked by a later written instrument delivered to the trustee.   Upon revocation of a revocable trust, the trustee shall deliver the trust property as the settlor directs. However, with respect to community property under subsection (b) (1), the trustee shall deliver the property one-half (1/2) to each spouse unless the trust instrument specifically states otherwise.   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.   A conservator or guardian 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 or guardianship.   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.
MS Code § 91-8-603 (2020)
2020 Mississippi Code|Title 91 - Trusts and Estates|Chapter 8 - Mississippi Uniform Trust Code|Article 6 - Revocable Trusts|§ 91-8-603. Settlor's powers; powers of withdrawal

 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.   If a revocable trust has more than one (1) settlor, the duties of the trustee are owed to all of the settlors having capacity to revoke the trust.   During the period the power may be exercised, the holder of a power of withdrawal has the rights of a settlor of a revocable trust under this section to the extent of the property subject to the power.
MS Code § 91-8-604 (2020)
2020 Mississippi Code|Title 91 - Trusts and Estates|Chapter 8 - Mississippi Uniform Trust Code|Article 6 - Revocable Trusts|§ 91-8-604. Limitation on action contesting validity of revocable trust; distribution of trust property

 A person may commence a judicial proceeding to contest the validity of all or part of the terms of a trust that was revocable at the settlor's death within the earlier of:    Two (2) years after the settlor's death; or   One hundred and twenty (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.    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 subject to liability for doing so only if:   The trustee knows of a pending judicial proceeding contesting the validity of all or part of the terms of the trust; or   A potential contestant has notified the trustee of a possible judicial proceeding to contest the trust and a judicial proceeding is commenced within sixty (60) days after the contestant sent the notification.   A beneficiary of a trust that is determined by a court proceeding to be invalid, in whole or in part, is liable to return to the court any distribution received for proper distribution to the extent that the invalidity applies to the distribution. If the beneficiary refuses to return the distribution after being ordered by the court, the beneficiary shall be liable for all costs incurred for recovery of the distribution.
MS Code § 91-8-701 (2020)
2020 Mississippi Code|Title 91 - Trusts and Estates|Chapter 8 - Mississippi Uniform Trust Code|Article 7 - Office of Trustee|§ 91-8-701. Accepting or declining trusteeship

 Except as otherwise provided in subsection (c), a person designated as trustee accepts the trusteeship:    By substantially complying with a method of acceptance provided in the terms of the trust; or   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.    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.   A person designated as trustee, without accepting the trusteeship, may:   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   Inspect or investigate trust property to determine potential liability under environmental or other law or for any other purpose.
MS Code § 91-8-702 (2020)
2020 Mississippi Code|Title 91 - Trusts and Estates|Chapter 8 - Mississippi Uniform Trust Code|Article 7 - Office of Trustee|§ 91-8-702. Trustee's bond

 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.   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.   A state or national bank, savings institution, or trust company authorized to exercise fiduciary powers and regulated by the Office of the Comptroller of the Currency, Office of Thrift Supervision, the Mississippi Department of Banking and Consumer Finance, or equivalent state banking supervisors need not give bond, even if required by the terms of the trust.
MS Code § 91-8-703 (2020)
2020 Mississippi Code|Title 91 - Trusts and Estates|Chapter 8 - Mississippi Uniform Trust Code|Article 7 - Office of Trustee|§ 91-8-703. Cotrustees

 Cotrustees who are unable to reach a unanimous decision after consultation among all the cotrustees may act by majority decision.   If a vacancy occurs in a cotrusteeship, the remaining cotrustees may act for the trust.   A cotrustee must participate in the performance of a trustee's function and consult with the other cotrustees unless the cotrustee is unavailable to perform the function 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.   If a cotrustee is unavailable to perform duties 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.   A trustee may delegate to a cotrustee the performance of a function other than a function that the terms of the trust instrument expressly require the trustees to perform jointly. Unless a delegation was irrevocable, a trustee may revoke a delegation previously made.   Except as otherwise provided in subsection (g), a trustee who does not join in an action of another trustee is not liable for the action.   Each trustee shall exercise reasonable care to:    Prevent a cotrustee from committing a serious breach of trust; and   Compel a cotrustee to redress a serious breach of trust.    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.   A trustee, trust advisor and trust protector shall keep each cotrustee, trust advisor, trust protector and any other fiduciary reasonably informed about the administration of the trust, to the extent the trustee, trust advisor or trust protector has knowledge that each such cotrustee, trust advisor, trust protector or other fiduciary does not have knowledge of the trustee's, trust advisor's or trust protector's actions, or regarding other material information or the availability of such information, related to the administration of the trust that would be reasonably necessary for each cotrustee, trust advisor, trust protector or other fiduciary to perform his or her duties as a trustee, trust advisor, trust protector or other fiduciary of the trust.
MS Code § 91-8-704 (2020)
2020 Mississippi Code|Title 91 - Trusts and Estates|Chapter 8 - Mississippi Uniform Trust Code|Article 7 - Office of Trustee|§ 91-8-704. Vacancy in trusteeship; appointment of successor

 A vacancy in a trusteeship occurs if:    A person designated as trustee rejects the trusteeship;   A person designated as trustee cannot be identified or does not exist;   A trustee resigns;   A trustee is disqualified or removed;   A trustee dies; or   A conservator or guardian is appointed for an individual serving as trustee.    If one or more cotrustees remain in office, a vacancy in a trusteeship need not be filled. A vacancy in a trusteeship must be filled if the trust has no remaining trustee.   A vacancy in a trusteeship of a noncharitable trust that is required to be filled must be filled in the following order of priority:   By a person designated in the terms of the trust to act as successor trustee;   By a person appointed by unanimous agreement of the qualified beneficiaries; or   By a person appointed by the court.   A vacancy in a trusteeship of a charitable trust that is required to be filled must be filled in the following order of priority:   By a person designated in the terms of the trust to act as successor trustee;   By a person selected by the unanimous agreement of the charitable organizations expressly designated to receive distributions under the terms of the trust if the Attorney General does not affirmatively object within thirty (30) days of receipt of notice of the person selected; or   By a person appointed by the court.   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.
MS Code § 91-8-705 (2020)
2020 Mississippi Code|Title 91 - Trusts and Estates|Chapter 8 - Mississippi Uniform Trust Code|Article 7 - Office of Trustee|§ 91-8-705. Resignation of trustee

 A trustee may resign:    Upon at least thirty (30) days' notice to the qualified beneficiaries, the settlor, if living, and all cotrustees; or   With the approval of the court.    In approving a resignation, the court may issue orders and impose conditions reasonably necessary for the protection of the trust property.   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.
MS Code § 91-8-706 (2020)
2020 Mississippi Code|Title 91 - Trusts and Estates|Chapter 8 - Mississippi Uniform Trust Code|Article 7 - Office of Trustee|§ 91-8-706. Removal of trustee

 The settlor, a cotrustee, or a beneficiary may request the court to remove a trustee, or a trustee may be removed by the court on its own initiative.   The court may remove a trustee if:    The trustee has committed a serious breach of trust;   Lack of cooperation among cotrustees substantially impairs the administration of the trust;   Because of unfitness, unwillingness, or persistent failure of the trustee to administer the trust effectively, the court determines that removal of the trustee best serves the interests of the beneficiaries; or   There has been a substantial change of 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.    Pending a final decision on a request to remove a trustee, or in lieu of or in addition to removing a trustee, the court may order such appropriate relief under Section 91-8-1001(b) as may be necessary to protect the trust property or the interests of the beneficiaries.
MS Code § 91-8-707 (2020)
2020 Mississippi Code|Title 91 - Trusts and Estates|Chapter 8 - Mississippi Uniform Trust Code|Article 7 - Office of Trustee|§ 91-8-707. Delivery of property by former trustee

 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.   A trustee who has resigned or been removed shall, within a reasonable time, deliver the trust property within the trustee's possession to the cotrustee, successor trustee, or other person entitled to it.
MS Code § 91-8-708 (2020)
2020 Mississippi Code|Title 91 - Trusts and Estates|Chapter 8 - Mississippi Uniform Trust Code|Article 7 - Office of Trustee|§ 91-8-708. Compensation of trustee, trust advisor and trust protector

 If the terms of a trust do not specify the trustee's, trust advisor's, or trust protector's compensation, and if the settlor, if living, or otherwise a majority of the qualified beneficiaries as defined in Section 91-8-103, have not otherwise agreed with the trustee, trust advisor, or trust protector, a trustee, trust advisor, or trust protector is entitled to compensation that is reasonable under the circumstances.   If the terms of a trust specify the trustee's, trust advisor's, or trust protector's compensation, the trustee, trust advisor, or trust protector is entitled to be compensated as specified in the trust, but the court may allow more or less compensation if:    The duties of the trustee, trust advisor, or trust protector are substantially different from those contemplated when the trust was created; or   The compensation specified by the terms of the trust would be unreasonably low or high.    Factors for the court to consider in deciding upon a trustee's, trust advisor's, or trust protector's compensation shall include the size of the trust, the nature and number of the assets, the income produced, the time and responsibility required, the expertise required, any management or sale of real property or closely held business interests, any involvement in litigation to protect trust property, and other relevant factors.   Subject to the court's authority as provided in subsection (b), regardless of its form of entity, the fees set forth in the published fee schedule of a trustee, trust advisor, or trust protector that is regulated by the Mississippi Department of Banking and Consumer Finance, the equivalent regulatory agency of another state, the Office of the Comptroller of the Currency, or the Office of Thrift Supervision shall be presumed to be reasonable, unless otherwise provided by the terms of the trust.
MS Code § 91-8-709 (2020)
2020 Mississippi Code|Title 91 - Trusts and Estates|Chapter 8 - Mississippi Uniform Trust Code|Article 7 - Office of Trustee|§ 91-8-709. Reimbursement of expenses

 A trustee, trust advisor, or trust protector is entitled to be reimbursed out of the trust property, with interest as appropriate, for:    Expenses that were properly incurred in the administration of the trust, including the defense or prosecution of any action, whether successful or not, unless the trustee is determined to have willfully or wantonly committed a material breach of trust; and   To the extent necessary to prevent unjust enrichment of the trust, expenses that were not properly incurred in the administration of the trust.    An advance by the trustee, trust advisor, or trust protector or by a person named in Section 91-8-701(c)(1) of money for the protection of the trust gives rise to a lien against trust property to secure reimbursement with reasonable interest.
MS Code § 91-8-710 (2020)
2020 Mississippi Code|Title 91 - Trusts and Estates|Chapter 8 - Mississippi Uniform Trust Code|Article 7 - Office of Trustee|§ 91-8-710. Directed trusts

 If the terms of the trust require a trustee, trust advisor, or trust protector to follow the direction of a trust advisor or trust protector, and the trustee, trust advisor, or trust protector acts in accordance with the direction, then the trustee, trust advisor, or trust protector so directed shall be treated as an excluded fiduciary.
MS Code § 91-8-711 (2020)
2020 Mississippi Code|Title 91 - Trusts and Estates|Chapter 8 - Mississippi Uniform Trust Code|Article 7 - Office of Trustee|§ 91-8-711. Directed trusts; accepting or declining fiduciary appointment

 A trust advisor, trust protector, or other fiduciary other than a cotrustee, the cotrustee already being provided for in Section 91-8-701(a), may accept its appointment as the respective fiduciary in a like manner as provided for a trustee under Section 91-8-701(a).   A trust advisor, trust protector, or other fiduciary other than a cotrustee, the cotrustee already being provided for in Section 91-8-701(b), may reject its appointment as the respective fiduciary in a like manner as provided for a trustee under Section 91-8-701(b).   A trust advisor, trust protector, or other fiduciary other than a cotrustee, the cotrustee already being provided for in Section 91-8-701(c), may, without accepting its appointment as the respective fiduciary, carry out the appropriate activities relative to the respective fiduciary as are provided for a trustee under Section 91-8-701(c).
MS Code § 91-8-712 (2020)
2020 Mississippi Code|Title 91 - Trusts and Estates|Chapter 8 - Mississippi Uniform Trust Code|Article 7 - Office of Trustee|§ 91-8-712. Directed trusts; fiduciary's bond

 Section 91-8-702 applies to trust advisors, trust protectors, or other fiduciaries other than cotrustees, the cotrustees already being provided for in Section 91-8-702.   When exercising its powers under this section, the court shall consider the powers, duties, and liabilities relative to the respective fiduciaries other than a cotrustee and whether any of the respective fiduciaries are excluded fiduciaries.
MS Code § 91-8-713 (2020)
2020 Mississippi Code|Title 91 - Trusts and Estates|Chapter 8 - Mississippi Uniform Trust Code|Article 7 - Office of Trustee|§ 91-8-713. Vacancy; directed trusts

 Except as otherwise provided by the terms of the trust upon obtaining knowledge of a vacancy in the office of trust advisor or trust protector, the trustee shall be vested with any fiduciary power or duty that otherwise would be vested in the trustee but that by the terms of the trust was vested in the trust advisor or trust protector, until such time that the vacancy in the office of trust advisor or trust protector, as applicable, is filled.   The vacancy shall be filled in the same manner as would a vacancy in trusteeship that is required to be filled, either as provided by Section 91-8-704(c) if the trust is a noncharitable trust, or as provided by Section 91-8-704(d) if the trust is a charitable trust. Section 91-8-704(e) shall also apply relative to trust advisors and trust protectors in the same manner as that subsection does to trustees and vacancies in trusteeship.   Notwithstanding subsection (a), a trustee shall not be liable for failing to exercise or assume any power or duty held by a trust advisor or trust protector and conferred upon the trustee by subsection (a) for the one-hundred-twenty-day period immediately following the date the trustee obtains knowledge of the vacancy.
MS Code § 91-8-714 (2020)
2020 Mississippi Code|Title 91 - Trusts and Estates|Chapter 8 - Mississippi Uniform Trust Code|Article 7 - Office of Trustee|§ 91-8-714. Directed trusts; resignation of fiduciary

 A trust advisor, trust protector, or other fiduciary other than a cotrustee, a cotrustee's resignation already being provided for in Section 91-8-705, may resign its appointment as the respective fiduciary in a like manner as provided for a trustee under Section 91-8-705.   When exercising its powers under this section relative to resignation, the court shall consider the powers, duties, and liabilities relative to the respective fiduciaries other than a cotrustee and whether any of the respective fiduciaries are excluded fiduciaries.
MS Code § 91-8-715 (2020)
2020 Mississippi Code|Title 91 - Trusts and Estates|Chapter 8 - Mississippi Uniform Trust Code|Article 7 - Office of Trustee|§ 91-8-715. Directed trusts; removal of fiduciary

 A trust advisor, trust protector, or other fiduciary other than a cotrustee, a cotrustee's removal already being provided for in Section 91-8-706, may be removed as the respective fiduciary in a like manner as provided for a trustee under Section 91-8-706.   When exercising its powers under this section relative to removal of the respective fiduciary, the court shall consider the powers, duties, and liabilities relative to the respective fiduciaries other than a cotrustee and whether any of the respective fiduciaries are excluded fiduciaries.
MS Code § 91-8-801 (2020)
2020 Mississippi Code|Title 91 - Trusts and Estates|Chapter 8 - Mississippi Uniform Trust Code|Article 8 - Duties and Powers of Trustee|§ 91-8-801. Duty to administer trust

 Upon acceptance of a trusteeship, the trustee shall administer the trust until such time as the trust terminates or a successor trustee is appointed and all assets are delivered in good faith, in accordance with its terms and purposes and the interests of the beneficiaries, and in accordance with this chapter.