18-B §2112. Application to cotrustee
§2112. Application to cotrustee The terms of a trust may relieve a cotrustee from duty and liability with respect to another cotrustee’s exercise or nonexercise of a power of the other cotrustee to the same extent that in a directed trust a directed trustee is relieved from duty and liability with respect to a trust […]
18-B §2101. Short title
§2101. Short title This Part may be known and cited as “the Maine Uniform Directed Trust Act.” [PL 2019, c. 301, §8 (NEW).] SECTION HISTORY PL 2019, c. 301, §8 (NEW).
18-B §2102. Definitions
§2102. Definitions As used in this Act, unless the context otherwise indicates, the following terms have the following meanings. [PL 2019, c. 301, §8 (NEW).] 1. Act. “Act” means the Maine Uniform Directed Trust Act. [PL 2019, c. 301, §8 (NEW).] 2. Breach of trust. “Breach of trust” includes a violation by a […]
18-B §2103. Application; principal place of administration
§2103. Application; principal place of administration 1. Application. This Act applies to a trust, whenever created, that has its principal place of administration in this State, subject to the following rules: A. If the trust was created before January 1, 2020, this Act applies only to a decision or action occurring on or after […]
18-B §2104. Common law and principles of equity
§2104. Common law and principles of equity The common law and principles of equity supplement this Act, except to the extent modified by this Act or law of this State other than this Act. [PL 2019, c. 301, §8 (NEW).] SECTION HISTORY PL 2019, c. 301, §8 (NEW).
18-B §2105. Exclusions
§2105. Exclusions 1. Power of appointment. In this section, “power of appointment” means a power that enables a person acting in a nonfiduciary capacity to designate a recipient of an ownership interest in or another power of appointment over trust property. [PL 2019, c. 301, §8 (NEW).] 2. Exclusions. This Act does not apply […]
18-B §2106. Powers of trust director
§2106. Powers of trust director 1. Power of direction. Subject to section 2107, the terms of a trust may grant a power of direction to a trust director. [PL 2019, c. 301, §8 (NEW).] 2. Powers of trust director. Unless the terms of a trust provide otherwise: A. A trust director may exercise […]
18-B §2107. Limitations on trust director
§2107. Limitations on trust director A trust director is subject to the same rules as a trustee in a like position and under similar circumstances in the exercise or nonexercise of a power of direction or further power under section 2106, subsection 2, paragraph A regarding: [PL 2019, c. 301, §8 (NEW).] 1. Medicaid […]
18-B §2108. Duty and liability of trust director
§2108. Duty and liability of trust director 1. Duties and liabilities. Subject to subsection 2, with respect to a power of direction or further power under section 2106, subsection 2, paragraph A: A. A trust director has the same fiduciary duty and liability in the exercise or nonexercise of the power: (1) If […]