§401. Methods of creating trust A trust may be created by: [PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).] 1. Transfer of property. Transfer of property to another person as trustee during the settlor’s lifetime or by will or other disposition taking effect upon the settlor’s […]
§402. Requirements for creation 1. Requirements. A trust is created only if: A. The settlor has capacity to create a trust; [PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).] B. The settlor indicates an intention to create the trust; [PL 2003, c. 618, Pt. […]
§403. Trusts created in other jurisdictions A trust not created by will is validly created if its creation complies with the law of the jurisdiction in which the trust instrument was executed or the law of the jurisdiction in which at the time of creation: [PL 2003, c. 618, Pt. A, §1 (NEW); PL […]
§404. Trust purposes A trust may be created only to the extent its purposes are lawful, not contrary to public policy and possible to achieve. A trust and its terms must be for the benefit of its beneficiaries. [PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).] […]
§405. Charitable purposes; enforcement 1. Purposes. A charitable trust may be created for the relief of poverty; the advancement of education or religion; the promotion of health; governmental or municipal purposes; or other purposes the achievement of which is beneficial to the community. [PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. […]
§406. Creation of trust induced by fraud, duress or undue influence A trust is void to the extent its creation was induced by fraud, duress or undue influence. [PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).] SECTION HISTORY PL 2003, c. 618, §A1 (NEW). PL 2003, […]
§407. Evidence of oral trust Except as required by a statute other than this Code, a trust need not be evidenced by a trust instrument, but the creation of an oral trust and its terms may be established only by clear and convincing evidence. [PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, […]
§408. Trust for care of animal 1. To provide care for animal; termination. A trust may be created to provide for the care of an animal alive during the settlor’s lifetime. The trust terminates upon the death of the animal or, if the trust was created to provide for the care of more than one […]
§409. Noncharitable trust without ascertainable beneficiary Except as otherwise provided in section 408 or by another statute, the following rules apply. [PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).] 1. Noncharitable purpose. A trust may be created for a noncharitable purpose without a definite or definitely […]
§410. Modification or termination of trust; proceedings for approval or disapproval 1. Termination. In addition to the methods of termination prescribed by sections 411 through 414, a trust terminates to the extent the trust is revoked or expires pursuant to its terms, no purpose of the trust remains to be achieved or the purposes of […]
§411. Modification or termination of noncharitable irrevocable trust by consent 1. Consent of settlor and all beneficiaries. If the settlor and all beneficiaries consent to the modification or termination of an irrevocable trust, the court shall enter an order approving the modification or termination even if the modification or termination is inconsistent with a material […]
§412. Modification or termination because of unanticipated circumstances or inability to administer trust effectively 1. Modification or termination. The court may modify the administrative or dispositive terms of a trust or terminate the trust if, because of circumstances not anticipated by the settlor, modification or termination will further the purposes of the trust. To the […]
§413. Cy pres 1. Charitable purpose becomes unlawful, impracticable, impossible to achieve or wasteful. Except as otherwise provided in subsection 2, if a particular charitable purpose of a trust becomes unlawful, impracticable, impossible to achieve or wasteful: A. The trust does not fail, in whole or in part; [PL 2003, c. 618, Pt. […]
§414. Modification or termination of uneconomic trust 1. Termination by trustee after notice. After notice to the qualified beneficiaries, the trustee of a trust consisting of trust property having a total value less than $100,000 may terminate the trust if the trustee concludes that the value of the trust property is insufficient to justify the […]
§415. Reformation to correct mistakes The court may reform the terms of a trust, even if unambiguous, to conform the terms to the settlor’s intention if it is proved by clear and convincing evidence that both the settlor’s intent and the terms of the trust were affected by a mistake of fact or law, whether […]
§416. Modification to achieve settlor’s tax objectives To achieve the settlor’s tax objectives, the court may modify the terms of a trust in a manner that is not contrary to the settlor’s probable intention. The court may provide that the modification has retroactive effect. [PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, […]
§417. Combination and division of trusts After notice to the qualified beneficiaries, a trustee may combine 2 or more trusts into a single trust or divide a trust into 2 or more separate trusts, if the result does not impair rights of any beneficiary or adversely affect achievement of the purposes of the trust. […]
