18-B §703. Cotrustees
§703. Cotrustees 1. Unanimous decision; majority decision. Cotrustees who are unable to reach a unanimous decision may act by majority decision. [PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).] 2. Vacancy. If a vacancy occurs in a cotrusteeship, the remaining cotrustees may act for the trust. […]
18-B §704. Vacancy in trusteeship; appointment of successor
§704. Vacancy in trusteeship; appointment of successor 1. Vacancy. A vacancy in a trusteeship occurs if: A. A person designated as trustee rejects the trusteeship; [PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).] B. A person designated as trustee can not be identified or does […]
18-B §705. Resignation of trustee
§705. Resignation of trustee 1. Resignation. A trustee may resign: A. Upon at least 30 days’ notice to the qualified beneficiaries, the settlor, if living, and all cotrustees; or [PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).] B. With the approval of the court. […]
18-B §706. Removal of trustee
§706. Removal of trustee 1. Request to remove 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. [PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).] 2. […]
18-B §707. Delivery of property by former trustee
§707. Delivery of property by former trustee 1. Duties of former trustee. Unless a cotrustee remains in office or the court otherwise orders, and until the trust property is delivered to the cotrustee, successor trustee or other person entitled to it, a trustee who has resigned or been removed or disqualified has the duties of […]
18-B §708. Compensation of trustee
§708. Compensation of trustee 1. Reasonable. If the terms of a trust do not specify the trustee’s compensation, a trustee is entitled to compensation that is reasonable under the circumstances. A percentage fee is allowable under this section only if the fee is reasonable. Among the factors a court may consider as guides in determining […]
18-B §709. Reimbursement of expenses
§709. Reimbursement of expenses 1. Reimbursement. A trustee is entitled to be reimbursed out of the trust property, with interest as appropriate, for: A. Expenses that were properly incurred in the administration of the trust; and [PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).] B. […]
18-B §701. Accepting or declining trusteeship
§701. Accepting or declining trusteeship 1. Acceptance. Except as otherwise provided in subsection 3, a person designated as trustee accepts the trusteeship: A. By substantially complying with a method of acceptance provided in the terms of the trust; or [PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, […]
18-B §702. Trustee’s bond
§702. Trustee’s bond 1. 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. [PL 2003, […]