Massachusetts General Laws ch. 203E sec. 105 – Default and mandatory rules
Section 105. Default and mandatory rules
Terms Used In Massachusetts General Laws ch. 203E sec. 105
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Trustee: A person or institution holding and administering property in trust.
(a) Except as otherwise provided in the terms of the trust, this chapter shall govern the duties and powers of a trustee, relations among trustees and the rights and interests of a beneficiary.
(b) The terms of a trust shall prevail over any provision of this chapter except:
(1) the requirements for creating a trust;
(2) the duty of a trustee to act in good faith and in accordance with the terms and purposes of the trust and the interests of the beneficiaries;
(3) the requirement that a trust have a purpose that is lawful and not contrary to public policy;
(4) the power of the court to modify or terminate a trust under sections 410 to 416, inclusive;
(5) the effect of a spendthrift provision and the rights of certain creditors and assignees to reach a trust, as provided in article 5;
(6) the power of the court under section 702 to require, dispense with or modify or terminate a bond;
(7) the power of the court under subsection (b) of section 708 to adjust a trustee’s compensation specified in the terms of the trust which is unreasonably low or high;
(8) the effect of an exculpatory term under section 1008;
(9) the rights under sections 1010 to 1013, inclusive, of a person other than a trustee or beneficiary; and
(10) the power of the court to take such action and exercise such jurisdiction as may be necessary in the interests of justice.