Section 501C.0804 — Prudent Administration.
501C.0804 PRUDENT ADMINISTRATION. A trustee shall administer the trust as a prudent person would, by considering the purposes, terms, and distribution requirements of the trust and all relevant circumstances. In satisfying this standard, the trustee shall exercise reasonable care, skill, and caution. History: 2015 c 5 art 8 s 4
Section 501C.0807 — Delegation By Trustee.
501C.0807 DELEGATION BY TRUSTEE. (a) A trustee may delegate to any person, even if the person is associated with the trustee, 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: (1) selecting an agent; (2) establishing the scope […]
Section 501C.0808 — Directed Trusts.
501C.0808 DIRECTED TRUSTS. Subdivision 1. Definitions. (a) The definitions in this section apply to this section. (b) “Directing party” means any investment trust advisor, distribution trust advisor, or trust protector as provided in this section. (c) “Distribution trust advisor” means one or more persons given authority by the governing instrument to direct, consent to, veto, […]
Section 501C.0809 — Control, Protection, And Delivery Of Trust Property.
501C.0809 CONTROL, PROTECTION, AND DELIVERY OF TRUST PROPERTY. (a) A trustee shall take reasonable steps to compel a former trustee or other person to deliver the trust’s tangible personal property and evidence of ownership of other trust property to the trustee. (b) A trustee shall take reasonable steps to take control of and protect the […]