reglab/statecodes huggingface dataset:
2023 Maine Revised Statutes › TITLE 18-B: TRUSTS › Part 1: MAINE UNIFORM TRUST CODE › Chapter 8: DUTIES AND POWERS OF TRUSTEE › 18-B §807. Delegation by trustee

§807. Delegation by trustee
1.  Delegation.
A trustee may delegate 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:
A. Selecting an agent;   [PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
B. Establishing the scope and terms of the delegation, consistent with the purposes and terms of the trust; and   [PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
C. Periodically reviewing the agent's actions in order to monitor the agent's performance and compliance with the terms of the delegation.   [PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
[PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
2.  Agent's duty to trust.
In performing a delegated function, an agent owes a duty to the trust to exercise reasonable care to comply with the terms of the delegation.
[PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
3.  Liability of trustee.
A trustee who complies with subsection 1 is not liable to the beneficiaries or to the trust for an action of the agent to whom the function was delegated.
[PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
4.  Agent submits to jurisdiction.
By accepting a delegation of powers or duties from the trustee of a trust that is subject to the law of this State, an agent submits to the jurisdiction of the courts of this State.
[PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
5.  Review of agent.
Upon petition of a qualified beneficiary, after notice to all qualified beneficiaries, the trustee and the agent of the trustee, the court may review the employment of any agent by the trustee and the reasonableness of the agent's compensation. Any agent who is found to have received excess compensation from a trust may be ordered to make appropriate refunds.
[PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
SECTION HISTORY
PL 2003, c. 618, §A1 (NEW). PL 2003, c. 618, §A2 (AFF).
2023 Maine Revised Statutes › TITLE 18-B: TRUSTS › Part 1: MAINE UNIFORM TRUST CODE › Chapter 8: DUTIES AND POWERS OF TRUSTEE › 18-B §808. Powers to direct (REPEALED)

§808. Powers to direct
(REPEALED)
SECTION HISTORY
PL 2003, c. 618, §A1 (NEW). PL 2003, c. 618, §A2 (AFF). PL 2019, c. 301, §7 (RP).
2023 Maine Revised Statutes › TITLE 18-B: TRUSTS › Part 1: MAINE UNIFORM TRUST CODE › Chapter 8: DUTIES AND POWERS OF TRUSTEE › 18-B §809. Control and protection of trust property

§809. Control and protection of trust property
A trustee shall take reasonable steps to take control of and protect the trust property.   [PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
SECTION HISTORY
PL 2003, c. 618, §A1 (NEW). PL 2003, c. 618, §A2 (AFF).
2023 Maine Revised Statutes › TITLE 18-B: TRUSTS › Part 1: MAINE UNIFORM TRUST CODE › Chapter 8: DUTIES AND POWERS OF TRUSTEE › 18-B §810. Record keeping and identification of trust property

§810. Record keeping and identification of trust property
1.  Adequate records of administration.
A trustee shall keep adequate records of the administration of the trust.
[PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
2.  Separation of property.
A trustee shall keep trust property separate from the trustee's own property.
[PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
3.  Interest of trust, records.
Except as otherwise provided in subsection 4, a trustee not subject to federal or state banking regulation shall cause the trust property to be designated so that the interest of the trust, to the extent feasible, appears in records maintained by a party other than a trustee or beneficiary to whom the trustee has delivered the property.
[PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
4.  Two or more trusts.
If the trustee maintains records clearly indicating the respective interests, a trustee may invest as a whole the property of 2 or more separate trusts.
[PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
SECTION HISTORY
PL 2003, c. 618, §A1 (NEW). PL 2003, c. 618, §A2 (AFF).
2023 Maine Revised Statutes › TITLE 18-B: TRUSTS › Part 1: MAINE UNIFORM TRUST CODE › Chapter 8: DUTIES AND POWERS OF TRUSTEE › 18-B §811. Enforcement and defense of claims

§811. Enforcement and defense of claims
A trustee shall take reasonable steps to enforce claims of the trust and to defend claims against the trust.   [PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
SECTION HISTORY
PL 2003, c. 618, §A1 (NEW). PL 2003, c. 618, §A2 (AFF).
2023 Maine Revised Statutes › TITLE 18-B: TRUSTS › Part 1: MAINE UNIFORM TRUST CODE › Chapter 8: DUTIES AND POWERS OF TRUSTEE › 18-B §812. Collecting trust property

§812. Collecting trust property
A trustee shall take reasonable steps:   [PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
1.  Compel delivery.
To compel a former trustee or other person to deliver trust property to the trustee; and
[PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
2.  Redress breach.
To redress a breach of trust known to the trustee to have been committed by a former trustee.
[PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
SECTION HISTORY
PL 2003, c. 618, §A1 (NEW). PL 2003, c. 618, §A2 (AFF).
2023 Maine Revised Statutes › TITLE 18-B: TRUSTS › Part 1: MAINE UNIFORM TRUST CODE › Chapter 8: DUTIES AND POWERS OF TRUSTEE › 18-B §814. Discretionary powers; tax savings

§814. Discretionary powers; tax savings
1.  Discretionary power; interests of beneficiaries.
Notwithstanding the breadth of discretion granted to a trustee in the terms of the trust, including the use of such terms as "absolute," "sole" or "uncontrolled," the trustee shall exercise a discretionary power in good faith and in accordance with the terms and purposes of the trust. A trustee's power to make distributions is discretionary notwithstanding terms of the trust providing that the trustee "shall" make distributions exercising a discretionary power, with or without standards.
[PL 2005, c. 184, §17 (AMD).]
2.  Discretionary distributions.
Subject to subsection 4, and unless the terms of the trust expressly indicate that a rule in this subsection does not apply:
A. A person other than a settlor who is a beneficiary and trustee of a trust that confers on the trustee a power to make discretionary distributions to or for the trustee's personal benefit may exercise the power only in accordance with an ascertainable standard; and   [PL 2005, c. 184, §18 (AMD).]
B. A trustee may not exercise a power to make discretionary distributions to satisfy a legal obligation of support that the trustee personally owes another person.   [PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
[PL 2005, c. 184, §18 (AMD).]
3.  Cotrustees; special fiduciary.
A power whose exercise is limited or prohibited by subsection 2 may be exercised by a majority of the remaining trustees whose exercise of the power is not so limited or prohibited. If the power of all trustees is so limited or prohibited, the court may appoint a special fiduciary with authority to exercise the power.
[PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
4.  Exceptions.
Subsection 2 does not apply to:
A. A power held by the settlor's spouse who is the trustee of a trust for which a marital deduction, as defined in the federal Internal Revenue Code of 1986, Section 2056(b)(5) or 2523(e), as in effect on July 1, 2005, or as later amended, was previously allowed;   [PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
B. Any trust during any period that the trust may be revoked or amended by its settlor; or   [PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
C. A trust if contributions to the trust qualify for the annual exclusion under the federal Internal Revenue Code of 1986, Section 2503(c) as in effect on July 1, 2005, or as later amended.   [PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
[PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
SECTION HISTORY
PL 2003, c. 618, §A1 (NEW). PL 2003, c. 618, §A2 (AFF). PL 2005, c. 184, §17 (AMD). PL 2005, c. 184, §18 (AMD).
2023 Maine Revised Statutes › TITLE 18-B: TRUSTS › Part 1: MAINE UNIFORM TRUST CODE › Chapter 8: DUTIES AND POWERS OF TRUSTEE › 18-B §815. General powers of trustee

§815. General powers of trustee
1.  General powers.
A trustee, without authorization by the court, may exercise:
A. Powers conferred by the terms of the trust; and   [PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
B. Except as limited by the terms of the trust:
(1) All powers over the trust property that an unmarried competent owner has over individually owned property;
(2) Any other powers appropriate to achieve the proper investment, management and distribution of the trust property; and
(3) Any other powers conferred by this Code.   [PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
[PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
2.  Subject to fiduciary duties.
The exercise of a power is subject to the fiduciary duties prescribed by this chapter.
[PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
SECTION HISTORY
PL 2003, c. 618, §A1 (NEW). PL 2003, c. 618, §A2 (AFF).
2023 Maine Revised Statutes › TITLE 18-B: TRUSTS › Part 1: MAINE UNIFORM TRUST CODE › Chapter 8: DUTIES AND POWERS OF TRUSTEE › 18-B §817. Distribution upon termination

§817. Distribution upon termination
1.  Proposed distribution.
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.
[PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
2.  Distribution; reasonable reserve.
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.
[PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
3.  Release from liability invalid.
A release by a beneficiary of a trustee from liability for breach of trust is invalid to the extent:
A. It was induced by improper conduct of the trustee; or   [PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
B. The beneficiary, at the time of the release, did not know of the beneficiary's rights or of the material facts relating to the breach.   [PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
[PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
SECTION HISTORY
PL 2003, c. 618, §A1 (NEW). PL 2003, c. 618, §A2 (AFF).
2023 Maine Revised Statutes › TITLE 18-B: TRUSTS › Part 1: MAINE UNIFORM TRUST CODE › Chapter 9: MAINE UNIFORM PRUDENT INVESTOR ACT › 18-B §901. Prudent investor rule

§901. Prudent investor rule
1.  Duty to comply.
Except as otherwise provided in section 902, a trustee who invests and manages trust assets owes a duty to the beneficiaries of the trust to comply with the prudent investor rule set forth in this chapter.
[PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
2.  Altered by provisions of trust.
The prudent investor rule may be expanded, restricted, eliminated or otherwise altered by the provisions of a trust. A trustee is not liable to a beneficiary to the extent that the trustee acted in reasonable reliance on the provisions of the trust.
[PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
SECTION HISTORY
PL 2003, c. 618, §A1 (NEW). PL 2003, c. 618, §A2 (AFF).
2023 Maine Revised Statutes › TITLE 18-B: TRUSTS › Part 1: MAINE UNIFORM TRUST CODE › Chapter 9: MAINE UNIFORM PRUDENT INVESTOR ACT › 18-B §903. Diversification

§903. Diversification
A trustee shall diversify the investments of the trust unless the trustee reasonably determines that, because of special circumstances, the purposes of the trust are better served without diversifying.   [PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
SECTION HISTORY
PL 2003, c. 618, §A1 (NEW). PL 2003, c. 618, §A2 (AFF).
2023 Maine Revised Statutes › TITLE 18-B: TRUSTS › Part 1: MAINE UNIFORM TRUST CODE › Chapter 9: MAINE UNIFORM PRUDENT INVESTOR ACT › 18-B §904. Duties at inception of trusteeship

§904. Duties at inception of trusteeship
Within a reasonable time after accepting a trusteeship or receiving trust assets, a trustee shall review the trust assets and make and implement decisions concerning the retention and disposition of assets in order to bring the trust portfolio into compliance with the purposes, terms, distribution requirements and other circumstances of the trust and with the requirements of this chapter.   [PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
SECTION HISTORY
PL 2003, c. 618, §A1 (NEW). PL 2003, c. 618, §A2 (AFF).
2023 Maine Revised Statutes › TITLE 18-B: TRUSTS › Part 1: MAINE UNIFORM TRUST CODE › Chapter 9: MAINE UNIFORM PRUDENT INVESTOR ACT › 18-B §905. Reviewing compliance

§905. Reviewing compliance
Compliance with the prudent investor rule is determined in light of the facts and circumstances existing at the time of a trustee's decision or action and not by hindsight.   [PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
SECTION HISTORY
PL 2003, c. 618, §A1 (NEW). PL 2003, c. 618, §A2 (AFF). RR 2011, c. 1, §22 (COR).
2023 Maine Revised Statutes › TITLE 18-B: TRUSTS › Part 1: MAINE UNIFORM TRUST CODE › Chapter 9: MAINE UNIFORM PRUDENT INVESTOR ACT › 18-B §906. Language invoking standard of chapter

§906. Language invoking standard of chapter
The following terms or comparable language in the provisions of a trust, unless otherwise limited or modified, authorizes any investment or strategy permitted under this chapter: "investments permissible by law for investment of trust funds"; "legal investments"; "authorized investments"; "using the judgment and care under the circumstances then prevailing that persons of prudence, discretion and intelligence exercise in the management of their own affairs, not in regard to speculation but in regard to the permanent disposition of their funds, considering the probable income as well as the probable safety of their capital"; "prudent man rule"; "prudent trustee rule"; "prudent person rule"; or "prudent investor rule."   [PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
SECTION HISTORY
PL 2003, c. 618, §A1 (NEW). PL 2003, c. 618, §A2 (AFF).
2023 Maine Revised Statutes › TITLE 18-B: TRUSTS › Part 1: MAINE UNIFORM TRUST CODE › Chapter 9: MAINE UNIFORM PRUDENT INVESTOR ACT › 18-B §907. Uniformity of application and construction

§907. Uniformity of application and construction
This chapter must be applied and construed to effectuate its general purposes to make uniform the law with respect to the subject of the Uniform Prudent Investor Act among the states enacting it.   [PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
SECTION HISTORY
PL 2003, c. 618, §A1 (NEW). PL 2003, c. 618, §A2 (AFF).
2023 Maine Revised Statutes › TITLE 18-B: TRUSTS › Part 1: MAINE UNIFORM TRUST CODE › Chapter 9: MAINE UNIFORM PRUDENT INVESTOR ACT › 18-B §908. Short title

§908. Short title
This chapter may be known and cited as the "Maine Uniform Prudent Investor Act."   [PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
SECTION HISTORY
PL 2003, c. 618, §A1 (NEW). PL 2003, c. 618, §A2 (AFF).
2023 Maine Revised Statutes › TITLE 18-B: TRUSTS › Part 1: MAINE UNIFORM TRUST CODE › Chapter 10: LIABILITY OF TRUSTEES AND RIGHTS OF PERSONS DEALING WITH TRUSTEE › 18-B §1001. Remedies for breach of trust

§1001. Remedies for breach of trust
1.  Violation of duty.
A violation by a trustee of a duty the trustee owes to a beneficiary is a breach of trust.
[PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
2.  Remedies.
To remedy a breach of trust that has occurred or may occur, the court may:
A. Compel the trustee to perform the trustee's duties;   [PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
B. Enjoin the trustee from committing a breach of trust;   [PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
C. Compel the trustee to redress a breach of trust by paying money, restoring property or other means;   [PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
D. Order a trustee to account;   [PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
E. Appoint a special fiduciary to take possession of the trust property and administer the trust;   [PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
F. Suspend the trustee;   [PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
G. Remove the trustee as provided in section 706;   [PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
H. Reduce or deny compensation to the trustee;   [PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
I. Subject to section 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   [PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
J. Order any other appropriate relief.   [PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
[PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
SECTION HISTORY
PL 2003, c. 618, §A1 (NEW). PL 2003, c. 618, §A2 (AFF).
2023 Maine Revised Statutes › TITLE 18-B: TRUSTS › Part 1: MAINE UNIFORM TRUST CODE › Chapter 10: LIABILITY OF TRUSTEES AND RIGHTS OF PERSONS DEALING WITH TRUSTEE › 18-B §1002. Damages for breach of trust

§1002. Damages for breach of trust
1.  Damages.
A trustee who commits a breach of trust is liable to the beneficiaries affected for the greater of:
A. 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; and   [PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
B. The profit the trustee made by reason of the breach.   [PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
[PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
2.  Contribution from other trustees.
Except as otherwise provided in this subsection, if more than one trustee is liable to the beneficiaries for a breach of trust, a trustee is entitled to contribution from the other trustee or trustees. A trustee is not entitled to contribution if the trustee was substantially more at fault than another trustee or if the trustee committed the breach of trust in bad faith or with reckless indifference to the purposes of the trust or the interests of the beneficiaries. A trustee who received a benefit from the breach of trust is not entitled to contribution from another trustee to the extent of the benefit received.
[PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
SECTION HISTORY
PL 2003, c. 618, §A1 (NEW). PL 2003, c. 618, §A2 (AFF).
2023 Maine Revised Statutes › TITLE 18-B: TRUSTS › Part 1: MAINE UNIFORM TRUST CODE › Chapter 10: LIABILITY OF TRUSTEES AND RIGHTS OF PERSONS DEALING WITH TRUSTEE › 18-B §1003. Damages in absence of breach

§1003. Damages in absence of breach
1.  Accountable for profit.
A trustee is accountable to an affected beneficiary for any profit made by the trustee arising from the administration of the trust, even absent a breach of trust. Nothing in this section limits a trustee's right to reasonable compensation under section 708.
[PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
2.  Not accountable for loss, depreciation or no profit.
Absent a breach of trust, a trustee is not liable to a beneficiary for a loss or depreciation in the value of trust property or for not having made a profit.
[PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
SECTION HISTORY
PL 2003, c. 618, §A1 (NEW). PL 2003, c. 618, §A2 (AFF).
2023 Maine Revised Statutes › TITLE 18-B: TRUSTS › Part 1: MAINE UNIFORM TRUST CODE › Chapter 10: LIABILITY OF TRUSTEES AND RIGHTS OF PERSONS DEALING WITH TRUSTEE › 18-B §1004. Attorney's fees and costs

§1004. Attorney's 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's fees, to any party, to be paid by another party or from the trust that is the subject of the controversy.   [PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
SECTION HISTORY
PL 2003, c. 618, §A1 (NEW). PL 2003, c. 618, §A2 (AFF).
2023 Maine Revised Statutes › TITLE 18-B: TRUSTS › Part 1: MAINE UNIFORM TRUST CODE › Chapter 10: LIABILITY OF TRUSTEES AND RIGHTS OF PERSONS DEALING WITH TRUSTEE › 18-B §1005. Limitation of action against trustee

§1005. Limitation of action against trustee
1.  Report; one-year limitation.
A beneficiary may not commence a proceeding against a trustee for breach of trust more than one year after the date the beneficiary or a representative of the beneficiary was sent a report that adequately disclosed the existence of a potential claim for breach of trust and informed the beneficiary of the time allowed for commencing a proceeding.
[PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
2.  Disclosure of potential claim.
A report adequately discloses the existence of a potential claim for breach of trust if it provides sufficient information so that the beneficiary or representative knows of the potential claim or should have inquired into its existence.
[PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
3.  Six years.
If subsection 1 does not apply, a judicial proceeding by a beneficiary against a trustee for breach of trust must be commenced within 6 years after the first to occur of:
A. The removal, resignation or death of the trustee;   [PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
B. The termination of the beneficiary's interest in the trust; and   [PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
C. The termination of the trust.   [PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
[PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
SECTION HISTORY
PL 2003, c. 618, §A1 (NEW). PL 2003, c. 618, §A2 (AFF).
2023 Maine Revised Statutes › TITLE 18-B: TRUSTS › Part 1: MAINE UNIFORM TRUST CODE › Chapter 10: LIABILITY OF TRUSTEES AND RIGHTS OF PERSONS DEALING WITH TRUSTEE › 18-B §1006. Reliance on trust instrument

§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 to a beneficiary for a breach of trust to the extent the breach resulted from the reliance.   [PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
SECTION HISTORY
PL 2003, c. 618, §A1 (NEW). PL 2003, c. 618, §A2 (AFF).
2023 Maine Revised Statutes › TITLE 18-B: TRUSTS › Part 1: MAINE UNIFORM TRUST CODE › Chapter 10: LIABILITY OF TRUSTEES AND RIGHTS OF PERSONS DEALING WITH TRUSTEE › 18-B §1007. Event affecting administration or distribution

§1007. Event affecting administration or distribution
If the happening 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 happening of the event is not liable for a loss resulting from the trustee's lack of knowledge.   [PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
SECTION HISTORY
PL 2003, c. 618, §A1 (NEW). PL 2003, c. 618, §A2 (AFF).
2023 Maine Revised Statutes › TITLE 18-B: TRUSTS › Part 1: MAINE UNIFORM TRUST CODE › Chapter 10: LIABILITY OF TRUSTEES AND RIGHTS OF PERSONS DEALING WITH TRUSTEE › 18-B §1008. Exculpation of trustee

§1008. Exculpation of trustee
1.  Exculpation unenforceable.
A term of a trust relieving a trustee of liability for breach of trust is unenforceable to the extent that it:
A. 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   [PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
B. Was inserted as the result of an abuse by the trustee of a fiduciary or confidential relationship to the settlor.   [PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
[PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
2.  Invalid; proof otherwise.
An exculpatory term drafted or caused to be drafted by the trustee is invalid as an abuse of a fiduciary or confidential relationship unless the trustee proves that the exculpatory term is fair under the circumstances and that its existence and contents were adequately communicated to the settlor.
[PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
SECTION HISTORY
PL 2003, c. 618, §A1 (NEW). PL 2003, c. 618, §A2 (AFF).
2023 Maine Revised Statutes › TITLE 18-B: TRUSTS › Part 1: MAINE UNIFORM TRUST CODE › Chapter 10: LIABILITY OF TRUSTEES AND RIGHTS OF PERSONS DEALING WITH TRUSTEE › 18-B §1009. Beneficiary's consent, release or ratification

§1009. Beneficiary's consent, release or ratification
A trustee is not liable to a beneficiary for breach of trust if the beneficiary consented to the conduct constituting the breach, released the trustee from liability for the breach or ratified the transaction constituting the breach, unless:   [PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
1.  Induced by improper conduct.
The consent, release or ratification of the beneficiary was induced by improper conduct of the trustee; or
[PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
2.  Beneficiary did not know rights.
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 breach.
[PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
SECTION HISTORY
PL 2003, c. 618, §A1 (NEW). PL 2003, c. 618, §A2 (AFF).
2023 Maine Revised Statutes › TITLE 18-B: TRUSTS › Part 1: MAINE UNIFORM TRUST CODE › Chapter 10: LIABILITY OF TRUSTEES AND RIGHTS OF PERSONS DEALING WITH TRUSTEE › 18-B §1010. Limitation on personal liability of trustee

§1010. Limitation on personal liability of trustee
1.  Not personally liable on contract; exception.
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.
[PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
2.  Personally liable for torts.
A trustee is 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, only if the trustee is personally at fault.
[PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
3.  Claim against trustee in fiduciary capacity.
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.
[PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
SECTION HISTORY
PL 2003, c. 618, §A1 (NEW). PL 2003, c. 618, §A2 (AFF).
2023 Maine Revised Statutes › TITLE 18-B: TRUSTS › Part 1: MAINE UNIFORM TRUST CODE › Chapter 10: LIABILITY OF TRUSTEES AND RIGHTS OF PERSONS DEALING WITH TRUSTEE › 18-B §1011. Interest as general partner

§1011. Interest as general partner
1.  Not personally liable on contract.
Except as otherwise provided in subsection 3 or 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 fiduciary capacity was disclosed in the contract or in a statement previously filed pursuant to the Uniform Partnership Act or the Uniform Limited Partnership Act.
[PL 2005, c. 543, Pt. D, §12 (AMD); PL 2005, c. 543, Pt. D, §18 (AFF).]
2.  Not personally liable for torts.
Except as otherwise provided in subsection 3, a trustee who holds an interest as a general partner is not personally liable for torts committed by the partnership or for obligations arising from ownership or control of the interest unless the trustee is personally at fault.
[PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
3.  Exceptions to immunity.
The immunity provided by this section does not apply if an interest in the partnership is held by the trustee in a capacity other than that of trustee or is held by the trustee's spouse or one or more of the trustee's descendants, siblings or parents or the spouse of any of the trustee's descendants, siblings or parents.
[PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
4.  Liability of settlor.
If the trustee of a revocable trust holds an interest as a general partner, the settlor is personally liable for contracts and other obligations of the partnership as if the settlor were a general partner.
[PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
SECTION HISTORY
PL 2003, c. 618, §A1 (NEW). PL 2003, c. 618, §A2 (AFF). PL 2005, c. 543, §D12 (AMD). PL 2005, c. 543, §D18 (AFF).
2023 Maine Revised Statutes › TITLE 18-B: TRUSTS › Part 1: MAINE UNIFORM TRUST CODE › Chapter 10: LIABILITY OF TRUSTEES AND RIGHTS OF PERSONS DEALING WITH TRUSTEE › 18-B §1012. Protection of person dealing with trustee

§1012. Protection of person dealing with trustee
1.  Exceeding or improperly exercising powers.
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 those powers.
[PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
2.  No duty to inquire.
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.
[PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
3.  In good faith delivery of assets.
A person who in good faith delivers assets to a trustee need not ensure their proper application.
[PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
4.  Former trustee.
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.
[PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
5.  Other protections prevail.
Provisions of other laws relating to commercial transactions or transfer of securities by fiduciaries that are more protective prevail over the protection provided by this section.
[PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
SECTION HISTORY
PL 2003, c. 618, §A1 (NEW). PL 2003, c. 618, §A2 (AFF).
2023 Maine Revised Statutes › TITLE 18-B: TRUSTS › Part 1: MAINE UNIFORM TRUST CODE › Chapter 11: MISCELLANEOUS PROVISIONS › 18-B §1101. Uniformity of application and construction

§1101. Uniformity of application and construction
In applying and construing this Code, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it.   [PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
SECTION HISTORY
PL 2003, c. 618, §A1 (NEW). PL 2003, c. 618, §A2 (AFF).
2023 Maine Revised Statutes › TITLE 18-B: TRUSTS › Part 1: MAINE UNIFORM TRUST CODE › Chapter 11: MISCELLANEOUS PROVISIONS › 18-B §1102. Electronic records and signatures

§1102. Electronic records and signatures
The provisions of this Code 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 federal Electronic Signatures in Global and National Commerce Act, 15 United States Code, Section 7002, and supersede, modify and limit the requirements of the federal Electronic Signatures in Global and National Commerce Act.   [PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
SECTION HISTORY
PL 2003, c. 618, §A1 (NEW). PL 2003, c. 618, §A2 (AFF).
2023 Maine Revised Statutes › TITLE 18-B: TRUSTS › Part 1: MAINE UNIFORM TRUST CODE › Chapter 11: MISCELLANEOUS PROVISIONS › 18-B §1103. Effective date

§1103. Effective date
This Code takes effect on July 1, 2005.   [PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
SECTION HISTORY
PL 2003, c. 618, §A1 (NEW). PL 2003, c. 618, §A2 (AFF).
2023 Maine Revised Statutes › TITLE 18-B: TRUSTS › Part 1: MAINE UNIFORM TRUST CODE › Chapter 11: MISCELLANEOUS PROVISIONS › 18-B §1104. Application to existing relationships

§1104. Application to existing relationships
1.  Application.
Except as otherwise provided in this Code, on July 1, 2005:
A. This Code applies to all trusts created before, on or after July 1, 2005;   [PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
B. This Code applies to all judicial proceedings concerning trusts commenced on or after July 1, 2005;   [PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
C. This Code applies to judicial proceedings concerning trusts commenced before July 1, 2005 unless the court finds that application of a particular provision of this Code would substantially interfere with the effective conduct of the judicial proceedings or prejudice the rights of the parties, in which case the particular provision of this Code does not apply and the superseded law applies;   [PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
D. Any rule of construction or presumption provided in this Code applies to trust instruments executed before July 1, 2005 unless there is a clear indication of a contrary intent in the terms of the trust; and   [PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
E. An act done before July 1, 2005 is not affected by this Code.   [PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
[PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
2.  Continued application of statute.
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 July 1, 2005, that statute continues to apply to the right even if it has been repealed or superseded.
[PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
SECTION HISTORY
PL 2003, c. 618, §A1 (NEW). PL 2003, c. 618, §A2 (AFF).
2023 Maine Revised Statutes › TITLE 18-B: TRUSTS › Part 1: MAINE UNIFORM TRUST CODE › Chapter 12: MAINE UNIFORM TRUST DECANTING ACT › 18-B §1201. Short title

§1201. Short title
This Act may be known and cited as "the Maine Uniform Trust Decanting Act." Any references in this chapter to "Act" mean "the Maine Uniform Trust Decanting Act."   [PL 2021, c. 235, §1 (NEW).]
SECTION HISTORY
PL 2021, c. 235, §1 (NEW).
2023 Maine Revised Statutes › TITLE 18-B: TRUSTS › Part 1: MAINE UNIFORM TRUST CODE › Chapter 12: MAINE UNIFORM TRUST DECANTING ACT › 18-B §1203. Scope

§1203. Scope
1.  Express trust.
Except as otherwise provided in subsections 2 and 3, this Act applies to an express trust that is irrevocable or revocable by the settlor only with the consent of the trustee or a person holding an adverse interest.
[PL 2021, c. 235, §1 (NEW).]
2.  Trust solely for charitable purposes.
This Act does not apply to a trust held solely for charitable purposes.
[PL 2021, c. 235, §1 (NEW).]
3.  Restricted or prohibited decanting power.
Subject to section 1214, a trust instrument may restrict or prohibit exercise of the decanting power.
[PL 2021, c. 235, §1 (NEW).]
4.  Power not limited.
This Act does not limit the power of a trustee, powerholder or other person to distribute or appoint property in further trust or to modify a trust under the trust instrument, a law of this State other than this Act, common law, a court order or a nonjudicial settlement agreement.
[PL 2021, c. 235, §1 (NEW).]
5.  Ability of settlor.
This Act does not affect the ability of a settlor to provide in a trust instrument for the distribution of the trust property or appointment in further trust of the trust property or for modification of the trust instrument.
[PL 2021, c. 235, §1 (NEW).]
SECTION HISTORY
PL 2021, c. 235, §1 (NEW).
2023 Maine Revised Statutes › TITLE 18-B: TRUSTS › Part 1: MAINE UNIFORM TRUST CODE › Chapter 12: MAINE UNIFORM TRUST DECANTING ACT › 18-B §1204. Fiduciary duty

§1204. Fiduciary duty
1.  Act in accordance with fiduciary duty.
In exercising the decanting power, an authorized fiduciary shall act in accordance with its fiduciary duties, including the duty to act in accordance with the purposes of the first trust.
[PL 2021, c. 235, §1 (NEW).]
2.  No duty to exercise power; inform beneficiaries.
This Act does not create or imply a duty to exercise the decanting power or to inform beneficiaries about the applicability of this Act.
[PL 2021, c. 235, §1 (NEW).]
3.  Deemed to include decanting power.
Except as otherwise provided in a first-trust instrument, for purposes of this Act and section 801 and section 802, subsection 1, the terms of the first trust are deemed to include the decanting power.
[PL 2021, c. 235, §1 (NEW).]
SECTION HISTORY
PL 2021, c. 235, §1 (NEW).
2023 Maine Revised Statutes › TITLE 18-B: TRUSTS › Part 1: MAINE UNIFORM TRUST CODE › Chapter 12: MAINE UNIFORM TRUST DECANTING ACT › 18-B §1205. Application; governing law

§1205. Application; governing law
1.  This State.
This Act applies to a trust that:
A. Has its principal place of administration in this State, including a trust whose principal place of administration has been changed to this State; or   [PL 2021, c. 235, §1 (NEW).]
B. Provides by its trust instrument that it is governed by the law of this State or is governed by the law of this State for the purpose of:
(1) Administration, including administration of a trust whose governing law for purposes of administration has been changed to the law of this State;
(2) Construction of terms of the trust; or
(3) Determining the meaning or effect of terms of the trust.   [PL 2021, c. 235, §1 (NEW).]
[PL 2021, c. 235, §1 (NEW).]
2.  Creation of trust; court proceedings.
Except as otherwise provided in this Act:
A. The Act applies to a trust created before, on or after October 1, 2021;   [RR 2021, c. 2, Pt. A, §37 (COR).]
B. The Act applies to any proceedings in court commenced on or after October 1, 2021;   [PL 2021, c. 235, §1 (NEW).]
C. The Act applies to proceedings in court pending on October 1, 2021 unless the court finds that application of a particular provision of the Act would interfere substantially with the effective conduct of the proceeding or prejudice a right of a party, in which case the particular provision of the Act does not apply; and   [PL 2021, c. 235, §1 (NEW).]
D. A rule of construction or presumption provided in the Act applies to a trust instrument executed prior to October 1, 2021 unless there is a clear indication of a contrary intent in the terms of the instrument.   [PL 2021, c. 235, §1 (NEW).]
[RR 2021, c. 2, Pt. A, §37 (COR).]
3.  Action before effective date of Act.
Except as otherwise provided in subsection 2, an action done before October 1, 2021 is not affected by the Act.
[PL 2021, c. 235, §1 (NEW).]
SECTION HISTORY
PL 2021, c. 235, §1 (NEW). RR 2021, c. 2, Pt. A, §37 (COR).
2023 Maine Revised Statutes › TITLE 18-B: TRUSTS › Part 1: MAINE UNIFORM TRUST CODE › Chapter 12: MAINE UNIFORM TRUST DECANTING ACT › 18-B §1206. Reasonable reliance

§1206. Reasonable reliance
A trustee or other person that reasonably relies on the validity of a distribution of part or all of the property of a trust to another trust, or a modification of a trust, under this Act, a law of this State other than this Act or the law of another jurisdiction is not liable to any person for any action or failure to act as a result of the reliance.   [PL 2021, c. 235, §1 (NEW).]
SECTION HISTORY
PL 2021, c. 235, §1 (NEW).
2023 Maine Revised Statutes › TITLE 18-B: TRUSTS › Part 1: MAINE UNIFORM TRUST CODE › Chapter 12: MAINE UNIFORM TRUST DECANTING ACT › 18-B §1208. Court involvement

§1208. Court involvement
1.  Application to court.
On application of an authorized fiduciary, a person entitled to notice under section 1207, subsection 3, a beneficiary or, with respect to a charitable interest, the Attorney General, the court may:
A. Provide instructions to the authorized fiduciary regarding whether a proposed exercise of the decanting power is permitted under this Act and consistent with the fiduciary duties of the authorized fiduciary;   [PL 2021, c. 235, §1 (NEW).]
B. Appoint a special fiduciary and authorize the special fiduciary to determine whether the decanting power should be exercised under this Act and to exercise the decanting power;   [PL 2021, c. 235, §1 (NEW).]
C. Approve an exercise of the decanting power;   [PL 2021, c. 235, §1 (NEW).]
D. Determine that a proposed or attempted exercise of the decanting power is ineffective because:
(1) After applying section 1221, the proposed or attempted exercise does not or did not comply with this Act; or
(2) The proposed or attempted exercise would be or was an abuse of the fiduciary's discretion or a breach of fiduciary duty;   [PL 2021, c. 235, §1 (NEW).]
E. Determine the extent to which section 1221 applies to a prior exercise of the decanting power;   [PL 2021, c. 235, §1 (NEW).]
F. Provide instructions to the trustee regarding the application of section 1221 to a prior exercise of the decanting power; or   [PL 2021, c. 235, §1 (NEW).]
G. Order other relief to carry out the purposes of this Act.   [PL 2021, c. 235, §1 (NEW).]
[PL 2021, c. 235, §1 (NEW).]
2.  Court approval.
On application of an authorized fiduciary, the court may approve:
A. An increase in the fiduciary's compensation under section 1215; or   [PL 2021, c. 235, §1 (NEW).]
B. A modification under section 1217 of a provision granting a person the right to remove or replace the fiduciary.   [PL 2021, c. 235, §1 (NEW).]
[PL 2021, c. 235, §1 (NEW).]
SECTION HISTORY
PL 2021, c. 235, §1 (NEW).
2023 Maine Revised Statutes › TITLE 18-B: TRUSTS › Part 1: MAINE UNIFORM TRUST CODE › Chapter 12: MAINE UNIFORM TRUST DECANTING ACT › 18-B §1209. Formalities

§1209. Formalities
An exercise of the decanting power must be made in a record signed by an authorized fiduciary. The signed record must, directly or by reference to the notice required by section 1207, identify the first trust and the 2nd trust or trusts and state the property of the first trust being distributed to each 2nd trust and the property, if any, that remains in the first trust.   [PL 2021, c. 235, §1 (NEW).]
SECTION HISTORY
PL 2021, c. 235, §1 (NEW).
2023 Maine Revised Statutes › TITLE 18-B: TRUSTS › Part 1: MAINE UNIFORM TRUST CODE › Chapter 12: MAINE UNIFORM TRUST DECANTING ACT › 18-B §1211. Decanting power under limited distributive discretion

§1211. Decanting power under limited distributive discretion
1.  Limited distributive discretion defined.
For purposes of this section, "limited distributive discretion" means a discretionary power of distribution that is limited to an ascertainable standard or a reasonably definite standard.
[PL 2021, c. 235, §1 (NEW).]
2.  Limited distributive discretion over principal.
An authorized fiduciary that has limited distributive discretion over the principal of the first trust for the benefit of one or more current beneficiaries may exercise the decanting power over the principal of the first trust.
[PL 2021, c. 235, §1 (NEW).]
3.  Creation of 2nd trust; similar beneficial interests.
Under this section and subject to section 1213, a 2nd trust may be created or administered under the law of any jurisdiction. Under this section, the 2nd trusts, in the aggregate, must grant each beneficiary of the first trust beneficial interests that are substantially similar to the beneficial interests of the beneficiary in the first trust.
[PL 2021, c. 235, §1 (NEW).]
4.  Distribution for benefit of beneficiary.
A power to make a distribution under a 2nd trust created pursuant to this section for the benefit of a beneficiary who is an individual is substantially similar to a power under the first trust to make a distribution directly to the beneficiary. A distribution is deemed to be for the benefit of a beneficiary if:
A. The distribution is applied for the benefit of the beneficiary;   [PL 2021, c. 235, §1 (NEW).]
B. The beneficiary is under a legal disability or the trustee reasonably believes the beneficiary is incapacitated and if the distribution is made as permitted under this Part; or   [PL 2021, c. 235, §1 (NEW).]
C. The distribution is made as permitted under the terms of the first-trust instrument and the 2nd-trust instrument for the benefit of the beneficiary.   [PL 2021, c. 235, §1 (NEW).]
[PL 2021, c. 235, §1 (NEW).]
5.  Limited distributive discretion over part of principal.
If an authorized fiduciary has limited distributive discretion over part but not all of the principal of a first trust, the fiduciary may exercise the decanting power under this section over that part of the principal over which the authorized fiduciary has limited distributive discretion.
[PL 2021, c. 235, §1 (NEW).]
SECTION HISTORY
PL 2021, c. 235, §1 (NEW).