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 […]
18-B §2109. Duty and liability of directed trustee
§2109. Duty and liability of directed trustee 1. Reasonable action to comply. Subject to subsection 2, a directed trustee shall take reasonable action to comply with a trust director’s exercise or nonexercise of a power of direction or further power under section 2106, subsection 2, paragraph A, and the trustee is not liable for the […]
18-B §2110. Duty to provide information to trust director or trustee
§2110. Duty to provide information to trust director or trustee 1. Trustee’s duty to provide information. Subject to section 2111, a trustee shall provide information to a trust director to the extent the information is reasonably related to both: A. The powers or duties of the trustee; and [PL 2019, c. 301, §8 […]
18-B §2111. No duty to monitor, inform or advise
§2111. No duty to monitor, inform or advise 1. Trustee. Unless the terms of a trust provide otherwise: A. A trustee does not have a duty to: (1) Monitor a trust director; or (2) Inform or give advice to a settlor, beneficiary, trustee or trust director concerning an instance in which the […]
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 […]