§801. Duty to administer trust Upon acceptance of a trusteeship, the trustee shall administer the trust in good faith, in accordance with its terms and purposes and the interests of the beneficiaries and in accordance with this Code. [PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).] […]
§802. Duty of loyalty 1. Interests of beneficiaries. A trustee shall administer the trust solely in the interests of the beneficiaries. [PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).] 2. Voidable transaction; exceptions. Subject to the rights of persons dealing with or assisting the trustee as […]
§803. Impartiality If a trust has 2 or more beneficiaries, the trustee shall act impartially in investing, managing and distributing the trust property, giving due regard to the beneficiaries’ respective interests. [PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).] SECTION HISTORY PL 2003, c. 618, §A1 […]
§804. Prudent administration A trustee shall administer the trust as a prudent person would, by considering the purposes, terms, distributional requirements and other circumstances of the trust. In satisfying this standard, the trustee shall exercise reasonable care, skill and caution. [PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, […]
§805. Costs of administration In administering a trust, the trustee may incur only costs that are reasonable in relation to the trust property, the purposes of the trust and the skills of the trustee. [PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).] SECTION HISTORY PL 2003, […]
§806. Trustee’s skills A trustee who has special skills or expertise, or is named trustee in reliance upon the trustee’s representation that the trustee has special skills or expertise, shall use those special skills or expertise. [PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).] SECTION HISTORY […]
§807. Delegation by trustee 1. Delegation. A trustee may delegate 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: A. Selecting an agent; [PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. […]
§808. Powers to direct (REPEALED) SECTION HISTORY PL 2003, c. 618, §A1 (NEW). PL 2003, c. 618, §A2 (AFF). PL 2019, c. 301, §7 (RP).
§809. Control and protection of trust property A trustee shall take reasonable steps to take control of and protect the trust property. [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, c. 618, §A2 (AFF).
§810. Record keeping and identification of trust property 1. Adequate records of administration. A trustee shall keep adequate records of the administration of the trust. [PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).] 2. Separation of property. A trustee shall keep trust property separate from the […]
§811. Enforcement and defense of claims A trustee shall take reasonable steps to enforce claims of the trust and to defend claims against the trust. [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, c. 618, §A2 […]
§812. Collecting trust property A trustee shall take reasonable steps: [PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).] 1. Compel delivery. To compel a former trustee or other person to deliver trust property to the trustee; and [PL 2003, c. 618, Pt. A, §1 (NEW); […]
§813. Duty to inform and report 1. Inform beneficiaries. A trustee shall keep the qualified beneficiaries of the trust reasonably informed about the administration of the trust and of the material facts necessary for them to protect their interests. Unless a request is unreasonable under the circumstances, a trustee shall promptly respond to a qualified […]
§814. Discretionary powers; tax savings 1. Discretionary power; interests of beneficiaries. Notwithstanding the breadth of discretion granted to a trustee in the terms of the trust, including the use of such terms as “absolute,” “sole” or “uncontrolled,” the trustee shall exercise a discretionary power in good faith and in accordance with the terms and purposes […]
§815. General powers of trustee 1. General powers. A trustee, without authorization by the court, may exercise: A. Powers conferred by the terms of the trust; and [PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).] B. Except as limited by the terms of the trust: […]
§816. Specific powers of trustee Without limiting the authority conferred by section 815, a trustee may: [PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).] 1. Collect trust property. Collect trust property and accept or reject additions to the trust property from a settlor or any other […]
§817. Distribution upon termination 1. Proposed distribution. Upon termination or partial termination of a trust, the trustee may send to the beneficiaries a proposal for distribution. The right of any beneficiary to object to the proposed distribution terminates if the beneficiary does not notify the trustee of an objection within 30 days after the proposal […]
