§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 […]
§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 […]
§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, […]
§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, […]
§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 […]
§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, […]
§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 […]
§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 […]
§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, […]
§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. […]
§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 […]
§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 […]
§1013. Certification of trust 1. Information. Instead of furnishing a copy of the trust instrument to a person other than a beneficiary, the trustee may furnish to the person a certification of trust containing some or all of the following information: A. That the trust exists and the date the trust instrument was executed; […]
