Maine Revised Statutes

§1657. Other transfer by fiduciary

1. Transfer by personal representative or trustee.  Subject to subsection 3, a personal representative or trustee may make an irrevocable transfer to another adult or trust company as custodian for the benefit of a minor pursuant to section 1660, in the absence of a will or under a will or trust that does not contain an authorization to do so.
[ 1987, c. 734, §2 (NEW) .]
2. Transfer by conservator.  Subject to subsection 3, a conservator may make an irrevocable transfer to another adult or trust company as custodian for the benefit of the minor pursuant to section 1660.
[ 1987, c. 734, §2 (NEW) .]
3. Requirements of transfer.  A transfer under subsection 1 or 2 may be made only if the personal representative, trustee or conservator considers the transfer to be in the best interest of the minor; the transfer is not prohibited by or inconsistent with provisions of the applicable will, trust agreement or other governing instrument; and the transfer is authorized by the court if it exceeds $10,000 in value.
[ 1987, c. 734, §2 (NEW) .]
SECTION HISTORY
1987, c. 734, §2 (NEW).