Section 501C.0101 — Short Title.
501C.0101 SHORT TITLE. This chapter may be cited as the “Minnesota Trust Code.” History: 2015 c 5 art 1 s 1
Section 501C.0102 — Scope.
501C.0102 SCOPE. (a) This chapter applies to express trusts, charitable or noncharitable, and trusts created pursuant to a statute, judgment, or decree that require the trust to be administered in the manner of an express trust. (b) Sections 501C.0201 to 501C.0208 do not apply to trusts in the nature of mortgages or to trusts commonly […]
Section 501C.0103 — Definitions.
501C.0103 DEFINITIONS. In this chapter: (a) “Action” with respect to an act of a trustee includes a failure to act. (b) “Ascertainable standard” means a standard relating to an individual’s health, education, support, or maintenance within the meaning of section 2041(b)(1)(A) or 2514(c)(1) of the Internal Revenue Code of 1986, as in effect on January […]
Section 501C.0104 — Knowledge.
501C.0104 KNOWLEDGE. (a) Subject to paragraph (b), a person has knowledge of a fact if the person: (1) has actual knowledge of it; (2) has received a notice or notification of it; or (3) from all the facts and circumstances known to the person at the time in question, has reason to know it. (b) […]
Section 501C.0105 — Default And Mandatory Rules.
501C.0105 DEFAULT AND MANDATORY RULES. (a) Except as otherwise provided in the terms of a trust, this chapter governs the duties and powers of a trustee, relations among trustees, and the rights and interests of a beneficiary. (b) The terms of a trust prevail over any provision of this chapter except: (1) the requirements for […]
Section 501C.0106 — Common Law Of Trusts; Principles Of Equity.
501C.0106 COMMON LAW OF TRUSTS; PRINCIPLES OF EQUITY. The common law of trusts and principles of equity supplement this chapter, except to the extent modified by this chapter or another law of this state. History: 2015 c 5 art 1 s 6
Section 501C.0107 — Governing Law.
501C.0107 GOVERNING LAW. (a) The meaning and legal effect of the terms of a trust are determined by: (1) the law of the jurisdiction designated in the terms of the trust unless the application of that jurisdiction’s law is contrary to a strong public policy of the jurisdiction having the most significant relationship to the […]
Section 501C.0108 — Principal Place Of Administration.
501C.0108 PRINCIPAL PLACE OF ADMINISTRATION. (a) Without precluding other means for establishing a sufficient connection with the designated jurisdiction, terms of a trust designating the initial principal place of administration are valid and controlling if: (1) a trustee’s principal place of business is located in, or a trustee is a resident of, the designated jurisdiction; […]
Section 501C.0109 — Methods And Waiver Of Nonjudicial Notice.
501C.0109 METHODS AND WAIVER OF NONJUDICIAL NOTICE. (a) Notice to a person under this chapter or the sending of a document to a person under this chapter must be accomplished in a manner reasonably suitable under the circumstances and that is likely to result in receipt of the notice or document. Permissible methods of notice […]
Section 501C.0110 — Others Treated As Qualified Beneficiaries.
501C.0110 OTHERS TREATED AS QUALIFIED BENEFICIARIES. (a) Whenever notice to qualified beneficiaries of a trust is required under this chapter, the trustee must also give notice to any other beneficiary who has sent the trustee a request for notice. (b) A charitable organization expressly designated to receive distributions under the terms of a charitable trust […]
Section 501C.0111 — Nonjudicial Settlement Agreements.
501C.0111 NONJUDICIAL SETTLEMENT AGREEMENTS. (a) For purposes of this section, “interested persons” means persons whose consent would be required in order to achieve a binding settlement were the settlement to be approved by the court. (b) Except as otherwise provided in paragraph (c), interested persons may enter into a binding nonjudicial settlement agreement with respect […]
Section 501C.0112 — Rules Of Construction.
501C.0112 RULES OF CONSTRUCTION. The rules of construction that apply in this state to the interpretation of and disposition of property by will also apply as appropriate to the interpretation of the terms of a trust and the disposition of the trust property. History: 2015 c 5 art 1 s 12