reglab/housing_qa huggingface dataset:
MA Gen L ch 203b § 5 (2021)
2021 Massachusetts General Laws|Part II - Real and Personal Property and Domestic Relations|Title II - Descent and Distribution, Wills, Estates of Deceased Persons and Absentees, Guardianship, Conservatorship and Trusts|Chapter 203b - Uniform Custodial Trust Act|Section 5 - Transfer of Trust Property for Use and Benefit of Incapacitated Individual

Section 5. (a) Unless otherwise directed by an instrument designating a custodial trustee pursuant to section three, a person, including a fiduciary other than a custodial trustee, who holds property of, or owes a debt to, an incapacitated individual not having a conservator may make a transfer to an adult member of the beneficiary's family or to a trust company as custodial trustee for the use and benefit of the incapacitated individual. If the value of the property or the debt exceeds twenty thousand dollars, the transfer shall not be effective unless authorized by the court.  (b) A written acknowledgement of delivery, signed by a custodial trustee, is a sufficient receipt and discharge for property transferred to the custodial trustee pursuant to this section.
MA Gen L ch 203b § 6 (2021)
2021 Massachusetts General Laws|Part II - Real and Personal Property and Domestic Relations|Title II - Descent and Distribution, Wills, Estates of Deceased Persons and Absentees, Guardianship, Conservatorship and Trusts|Chapter 203b - Uniform Custodial Trust Act|Section 6 - Multiple Beneficiaries; Right of Survivorship

Section 6. (a) Beneficial interests in a custodial trust created for multiple beneficiaries shall be deemed to be separate custodial trusts of equal undivided interests for each beneficiary. Except in a transfer or declaration for use and benefit of husband and wife, for whom survivorship is presumed, a right of survivorship shall not exist unless the instrument creating the custodial trust specifically provides for such rights of survivorship such rights required by law.  (b) Custodial trust property held under this chapter by the same custodial trustee for the use and benefit of the same beneficiary may be administered as a single custodial trust.  (c) A custodial trustee of custodial trust property held for more than one beneficiary shall separately account to each beneficiary pursuant to sections seven and fifteen for the administration of the custodial trust.
MA Gen L ch 203b § 7 (2021)
2021 Massachusetts General Laws|Part II - Real and Personal Property and Domestic Relations|Title II - Descent and Distribution, Wills, Estates of Deceased Persons and Absentees, Guardianship, Conservatorship and Trusts|Chapter 203b - Uniform Custodial Trust Act|Section 7 - Vesting Title; Management of Trust Property; Duties

Section 7. (a) If appropriate, a custodial trustee shall register or record the instrument vesting title to custodial trust property.  (b) If the beneficiary is not incapacitated, a custodial trustee shall follow the directions of the beneficiary in the management, control, investment, or retention of the custodial trust property. In the absence of effective contrary direction by the beneficiary while not incapacitated, the custodial trustee shall observe the standard of care that would be observed by a prudent person dealing with property of another and not limited by any other law restricting investments by fiduciaries; provided, however, that a custodial trustee, in the custodial trustee's discretion, may retain any custodial trust property received from the transferor. If a custodial trustee has a special skill or expertise or is named custodial trustee on the basis of representation of a special skill or expertise, the custodial trustee shall use such skill or expertise.  (c) Subject to subsection (b), a custodial trustee shall take control of and collect, hold, manage, invest, and reinvest custodial trust property.  (d) A custodial trustee at all times shall keep custodial trust property of which the custodial trustee has control, separate from all other property in a manner sufficient to identify it clearly as custodial trust property of the beneficiary. Custodial trust property, the title to which is subject to recordation, is so identified if an appropriate instrument so identifying the property is recorded, and custodial trust property subject to registration is so identified if it is registered, or held in an account in the name of the custodial trustee, designated in substance: ''as custodial trustee for ___ (name of beneficiary) under the Massachusetts Uniform Custodial Trust Act.''  (e) A custodial trustee shall keep records of all transactions with respect to custodial trust property, including information necessary for the preparation of tax returns, and shall make the records and information available at reasonable times to the beneficiary or legal representative of the beneficiary.  (f) The exercise of a durable power of attorney for an incapacitated beneficiary shall not be effective to terminate or direct the administration or distribution of a custodial trust.
MA Gen L ch 203b § 8 (2021)
2021 Massachusetts General Laws|Part II - Real and Personal Property and Domestic Relations|Title II - Descent and Distribution, Wills, Estates of Deceased Persons and Absentees, Guardianship, Conservatorship and Trusts|Chapter 203b - Uniform Custodial Trust Act|Section 8 - Trustee's Rights and Powers Over Trust Property

Section 8. (a) A custodial trustee, acting in a fiduciary capacity, shall have all the rights and powers over custodial trust property which an unmarried adult owner has over individually owned property, but a custodial trustee may exercise such rights and powers in a fiduciary capacity only.  (b) This section shall not relieve a custodial trustee from liability for a violation of section seven.
MA Gen L ch 203b § 9 (2021)
2021 Massachusetts General Laws|Part II - Real and Personal Property and Domestic Relations|Title II - Descent and Distribution, Wills, Estates of Deceased Persons and Absentees, Guardianship, Conservatorship and Trusts|Chapter 203b - Uniform Custodial Trust Act|Section 9 - Payments to Beneficiaries

Section 9. (a) A custodial trustee shall pay to the beneficiary or expend for the beneficiary's use and benefit so much or all of the custodial trust property as the beneficiary while not incapacitated may direct from time to time.  (b) If the beneficiary is incapacitated, the custodial trustee shall expend so much or all of the custodial trust property as the custodial trustee considers advisable for the use and benefit of the beneficiary and individuals who were supported by the beneficiary when the beneficiary became incapacitated, or who are legally entitled to support by the beneficiary. Expenditures may be made in the manner, when, and to the extent that the custodial trustee determines suitable and proper, without court order and without regard to other support, income, or property of the beneficiary.  (c) A custodial trustee may establish checking, savings, or other similar accounts of reasonable amounts under which either the custodial trustee or the beneficiary may withdraw funds from, or draw checks against, the accounts. Funds withdrawn from, or checks written against, the account by the beneficiary are distributions of custodial trust property by the custodial trustee to the beneficiary.
MA Gen L ch 203b § 10 (2021)
2021 Massachusetts General Laws|Part II - Real and Personal Property and Domestic Relations|Title II - Descent and Distribution, Wills, Estates of Deceased Persons and Absentees, Guardianship, Conservatorship and Trusts|Chapter 203b - Uniform Custodial Trust Act|Section 10 - Administration of Trust for Incapacitated Beneficiary; Determination of Incapacity

Section 10. (a) The custodial trustee shall administer the custodial trust as for an incapacitated beneficiary if (i) the custodial trust was created under section five, (ii) the transferor has so directed in the instrument creating the custodial trust, or (iii) the custodial trustee has determined that the beneficiary is incapacitated.  (b) A custodial trustee may determine that the beneficiary is incapacitated in reliance upon (i) previous direction or authority given by the beneficiary while not incapacitated, including direction or authority pursuant to a durable power of attorney, (ii) the certificate of the beneficiary's physician, or (iii) other persuasive evidence.  (c) If a custodial trustee for an incapacitated beneficiary reasonably concludes that the beneficiary's incapacity has ceased, or that circumstances concerning the beneficiary's ability to manage property and business affairs have changed since the creation of a custodial trust directing administration as for an incapacitated beneficiary, the custodial trustee may administer the trust as for a beneficiary who is not incapacitated.  (d) On petition of the beneficiary, the custodial trustee, or other person interested in the custodial trust property or the welfare of the beneficiary, the court shall determine whether the beneficiary is incapacitated.  (e) Absent determination of incapacity of the beneficiary under subsection (b) or (d), a custodial trustee who has reason to believe that the beneficiary is incapacitated shall administer the custodial trust in accordance with the provisions of this chapter applicable to an incapacitated beneficiary.  (f) Incapacity of a beneficiary shall not terminate (i) the custodial trust, (ii) any designation of a successor custodial trustee, (iii) rights or powers of the custodial trustee, or (iv) any immunities of third persons acting or instructions of the custodial trustee.
MA Gen L ch 203b § 11 (2021)
2021 Massachusetts General Laws|Part II - Real and Personal Property and Domestic Relations|Title II - Descent and Distribution, Wills, Estates of Deceased Persons and Absentees, Guardianship, Conservatorship and Trusts|Chapter 203b - Uniform Custodial Trust Act|Section 11 - Third Person Dealing With One Purporting to Act as Trustee

Section 11. A third person in good faith and without a court order may act on instructions of, or otherwise deal with, a person purporting to make a transfer as, or purporting to act in the capacity of, a custodial trustee. In the absence of knowledge to the contrary, the third person shall not be responsible for determining:  (1) the validity of the purported custodial trustee's designation;  (2) the propriety of, or the authority under this chapter for, any action of the purported custodial trustee;  (3) the validity or propriety of an instrument executed or instruction given pursuant to this chapter either by the person purporting to make a transfer or declaration or by the purported custodial trustee; or  (4) the propriety of the application of property vested in the purported custodial trustee.
MA Gen L ch 203b § 12 (2021)
2021 Massachusetts General Laws|Part II - Real and Personal Property and Domestic Relations|Title II - Descent and Distribution, Wills, Estates of Deceased Persons and Absentees, Guardianship, Conservatorship and Trusts|Chapter 203b - Uniform Custodial Trust Act|Section 12 - Claims Against Trust Property; Trustee, Beneficiary Liability

Section 12. (a) A claim based on a contract entered into by a custodial trustee acting in a fiduciary capacity, an obligation arising from the ownership or control of custodial trust property, or a tort committed in the course of administering the custodial trust, may be asserted by a third person against the custodial trust property by proceeding against the custodial trustee in a fiduciary capacity, whether or not the custodial trustee or the beneficiary is personally liable.  (b) A custodial trustee shall not be personally liable to a third person:  (1) on a contract properly entered into in a fiduciary capacity unless the custodial trustee fails to reveal such capacity or to identify the custodial trust in the contract; or  (2) for an obligation arising from control of custodial trust property or for a tort committed in the course of the administration of the custodial trust unless the custodial trustee is personally at fault.  (c) A beneficiary shall not be personally liable to a third person for an obligation arising from beneficial ownership of custodial trust property or for a tort committed in the course of administration of the custodial trust unless the beneficiary is personally in possession of the custodial trust property giving rise to the liability or is personally at fault.  (d) Subsections (b) and (c) shall not preclude actions or proceedings to establish liability of the custodial trustee or beneficiary to the extent the person sued is protected as the insured by liability insurance.
MA Gen L ch 203b § 14 (2021)
2021 Massachusetts General Laws|Part II - Real and Personal Property and Domestic Relations|Title II - Descent and Distribution, Wills, Estates of Deceased Persons and Absentees, Guardianship, Conservatorship and Trusts|Chapter 203b - Uniform Custodial Trust Act|Section 14 - Expenses; Bond

Section 14. Except as otherwise provided in the instrument creating the custodial trust, in an agreement with the beneficiary, or by court order, a custodial trustee:  (1) shall be entitled to reimbursement from custodial trust property for reasonable expenses incurred in the performance of fiduciary services;  (2) shall have a noncumulative election, to be made no later than six months after the end of each calendar year, to charge a reasonable compensation for fiduciary services performed during such year; and  (3) need not furnish a bond or other security for the faithful performance of fiduciary duties.
MA Gen L ch 203b § 15 (2021)
2021 Massachusetts General Laws|Part II - Real and Personal Property and Domestic Relations|Title II - Descent and Distribution, Wills, Estates of Deceased Persons and Absentees, Guardianship, Conservatorship and Trusts|Chapter 203b - Uniform Custodial Trust Act|Section 15 - Written Statement of Property and Administration; Petition for Accounting

Section 15. (a) Upon the acceptance of custodial trust property, the custodial trustee shall provide a written statement describing the custodial trust property and shall thereafter provide a written statement of the administration of the custodial trust property (i) once each year, (ii) upon request at reasonable times by the beneficiary or the beneficiary's legal representative, (iii) upon resignation or removal of the custodial trustee, and (iv) upon termination of the custodial trust. The statements shall be provided to the beneficiary or to the beneficiary's legal representative, if any. Upon termination of the beneficiary's interest, the custodial trustee shall furnish a current statement to the person to whom the custodial trust property is to be delivered.  (b) A beneficiary, the beneficiary's legal representative, an adult member of the beneficiary's family, a person interested in the custodial trust property, or a person interested in the welfare of the beneficiary may petition the court for an accounting by the custodial trustee or the custodial trustee's legal representative.  (c) A successor custodial trustee may petition the court for an accounting by a predecessor custodial trustee.  (d) In an action or proceeding under this chapter or in any other proceeding, the court may require or permit the custodial trustee or the custodial trustee's legal representative to account. The custodial trustee or the custodial trustee's legal representative may petition the court for approval of final accounts.  (e) If a custodial trustee is removed, the court shall require an accounting and order delivery of the custodial trust property and records to the successor custodial trustee and the execution of all instruments required for transfer of the custodial trust property.  (f) On petition of the custodial trustee or any person who could petition for an accounting, the court, after notice to interested persons, may issue instructions to the custodial trustee or review the propriety of the acts of a custodial trustee or the reasonableness of compensation determined by the custodial trustee for the services of the custodial trustee or others.
MA Gen L ch 203b § 16 (2021)
2021 Massachusetts General Laws|Part II - Real and Personal Property and Domestic Relations|Title II - Descent and Distribution, Wills, Estates of Deceased Persons and Absentees, Guardianship, Conservatorship and Trusts|Chapter 203b - Uniform Custodial Trust Act|Section 16 - Claims for Relief; Time Limitations

Section 16. (a) Except as provided in subsection (c), unless previously barred by adjudication, consent, or limitation, a claim for relief against a custodial trustee for accounting or breach of duty shall be barred as to a beneficiary, a person to whom custodial trust property is to be paid or delivered, or the legal representative of an incapacitated or deceased beneficiary or payee:  (1) who has received a final account or statement fully disclosing the matter unless an action or proceeding to assert the claim is commenced within two years after receipt of the final account or statement; or  (2) who has not received a final account or statement fully disclosing the matter unless an action or proceeding to assert the claim is commenced within three years after the termination of the custodial trust.  (b) Except as provided in subsection (c), a claim for relief to recover from a custodial trustee for fraud, misrepresentation, or concealment related to the final settlement of the custodial trust or concealment of the existence of the custodial trust, shall be barred unless an action or proceeding to assert the claim is commenced within five years after the termination of the custodial trust.  (c) A claim for relief shall not be barred by this section if the claimant:  (1) is a minor, until the earlier of two years after the claimant becomes an adult or dies;  (2) is an incapacitated adult, until the earliest of two years after (i) the appointment of a conservator, (ii) the removal of the incapacity, or (iii) the death of the claimant; or  (3) was an adult, now deceased, who was not incapacitated, until two years after the claimant's death.
MA Gen L ch 203b § 17 (2021)
2021 Massachusetts General Laws|Part II - Real and Personal Property and Domestic Relations|Title II - Descent and Distribution, Wills, Estates of Deceased Persons and Absentees, Guardianship, Conservatorship and Trusts|Chapter 203b - Uniform Custodial Trust Act|Section 17 - Termination of Trust; Order of Distribution

Section 17. (a) Upon termination of a custodial trust, the custodial trustee shall transfer the unexpended custodial trust property:  (1) to the beneficiary, if not incapacitated or deceased;  (2) to the conservator or other recipient designated by the court for an incapacitated beneficiary; or  (3) upon the beneficiary's death, in the following order:  (i) as last directed in a writing signed by the deceased beneficiary while not incapacitated and received by the custodial trustee during the life of the deceased beneficiary;  (ii) to the survivor of multiple beneficiaries if survivorship is provided for pursuant to section six;  (iii) as designated in the instrument creating the custodial trust; or  (iv) to the estate of the deceased beneficiary.  (b) If, when the custodial trust would otherwise terminate, the distributee is incapacitated, the custodial trust shall continue for the use and benefit of the distributee as beneficiary until the incapacity is removed or the custodial trust is otherwise terminated.  (c) Death of a beneficiary shall not terminate the power of the custodial trustee to discharge obligations of the custodial trustee or beneficiary incurred before the termination of the custodial trust.
MA Gen L ch 203b § 19 (2021)
2021 Massachusetts General Laws|Part II - Real and Personal Property and Domestic Relations|Title II - Descent and Distribution, Wills, Estates of Deceased Persons and Absentees, Guardianship, Conservatorship and Trusts|Chapter 203b - Uniform Custodial Trust Act|Section 19 - Applicable Law; Place of Transfer

Section 19. (a) This chapter shall apply to a transfer or declaration creating a custodial trust that refers to this chapter if, at the time of the transfer or declaration, the transferor, beneficiary, or custodial trustee is a resident of or has its principal place of business in the commonwealth or custodial trust property is located in the commonwealth. The custodial trust remains subject to this chapter despite a later change in residence or principal place of business of the transferor, beneficiary, or custodial trustee, or removal of the custodial trust property from the commonwealth.  (b) A transfer made pursuant to a law of another state substantially similar to this chapter shall be governed by the law of such other state and may be enforced in the commonwealth.
MA Gen L ch 203c § 1 (2021)
2021 Massachusetts General Laws|Part II - Real and Personal Property and Domestic Relations|Title II - Descent and Distribution, Wills, Estates of Deceased Persons and Absentees, Guardianship, Conservatorship and Trusts|Chapter 203c - Prudent Investment|Section 1 - Citation

Section 1. This chapter shall be known as and may be cited as the Massachusetts Prudent Investor Act.
MA Gen L ch 203c § 2 (2021)
2021 Massachusetts General Laws|Part II - Real and Personal Property and Domestic Relations|Title II - Descent and Distribution, Wills, Estates of Deceased Persons and Absentees, Guardianship, Conservatorship and Trusts|Chapter 203c - Prudent Investment|Section 2 - Trustees Managing Trust Assets; Duty to Comply With Prudent Investor Rule

Section 2. (a) Except as provided in subsection (b), a trustee who invests and manages trust assets shall owe a duty to the beneficiaries of a trust to comply with the prudent investor rule set forth in this chapter.  (b) The prudent investor rule may be expanded, restricted, eliminated or otherwise altered by the provisions of a trust. A trustee shall not be liable to a beneficiary to the extent that the trustee acted in reasonable reliance on the provisions of the trust.
MA Gen L ch 203c § 3 (2021)
2021 Massachusetts General Laws|Part II - Real and Personal Property and Domestic Relations|Title II - Descent and Distribution, Wills, Estates of Deceased Persons and Absentees, Guardianship, Conservatorship and Trusts|Chapter 203c - Prudent Investment|Section 3 - Investment and Management Decisions

Section 3. (a) A trustee shall invest and manage trust assets as a prudent investor would, considering the purposes, terms, and other circumstances of the trust, including those set forth in subsection (c). In satisfying this standard, the trustee shall exercise reasonable care, skill, and caution.  (b) A trustee's investment and management decisions respecting individual assets shall be considered in the context of the trust portfolio as a part of an overall investment strategy reasonably suited to the trust.  (c) Among circumstances that a trustee shall consider in investing and managing trust assets are such of the following as are relevant to the trust or its beneficiaries:  (1) general economic conditions;  (2) the possible effect of inflation or deflation;  (3) the expected tax consequences of investment decisions or strategies;  (4) the role that each investment or course of action plays within the overall trust portfolio;  (5) the expected total return from income and the appreciation of capital;  (6) other resources of the beneficiaries;  (7) needs for liquidity, regularity of income, and preservation or appreciation of capital; and  (8) an asset's special relationship or special value, if any, to the purposes of the trust or to one of the beneficiaries.  (d) A trustee shall make a reasonable effort to verify facts relevant to the investment and management of trust assets.  (e) A trustee may invest in any kind of property or type of investment consistent with the standards of this chapter.  (f) A trustee who has special skills or expertise, or is named trustee in reliance upon the trustee's representation that the trustee has such special skills or expertise, shall have a duty to use such special skills or expertise.