LD 921
pg. 31
Page 30 of 58 PUBLIC Law Chapter 618 Page 32 of 58
Download Chapter Text
LR 466
Item 1

 
7.__Act in best interests of beneficiaries.__In voting shares
of stock or in exercising powers of control over similar
interests in other forms of enterprise, the trustee shall act in
the best interests of the beneficiaries. If the trust is the sole
owner of a corporation or other form of enterprise, the trustee
shall elect or appoint directors or other managers who will
manage the corporation or enterprise in the best interests of the
beneficiaries.

 
8.__Transactions not precluded.__This section does not
preclude the following transactions, if fair to the
beneficiaries:

 
A.__An agreement between a trustee and a beneficiary
relating to the appointment or compensation of the trustee;

 
B.__Payment of reasonable compensation to the trustee;

 
C.__A transaction between a trust and another trust or a
decedent's estate, a conservatorship or a guardianship of
which the trustee is a fiduciary or in which a beneficiary
has an interest;

 
D.__A deposit of trust money in a regulated financial
service institution operated by the trustee; or

 
E.__An advance by the trustee of money for the protection of
the trust.

 
9.__Appointment of special fiduciary.__The court may appoint a
special fiduciary to make a decision with respect to any proposed
transaction that might violate this section if entered into by
the trustee.

 
§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.

 
§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.

 
§805.__Costs of administration


Page 30 of 58 Top of Page Page 32 of 58
Related Pages
  Search Bill Text Legislative Information
Bill Directory Search
Bill
Status
Session Information
119th Legislature Bills Maine Legislature

Office of Legislative Information
100 State House Station
Augusta, ME 04333
voice: (207) 287-1692
fax: (207) 287-1580
tty: (207) 287-6826
Word Viewer for Windows Disclaimer