Maine Revised Statutes Title 18-B Sec. 1006 – Reliance on trust instrument
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Terms Used In Maine Revised Statutes Title 18-B Sec. 1006
- 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
- Trustee: A person or institution holding and administering property in trust.
A trustee who acts in reasonable reliance on the terms of the trust as expressed in the trust instrument is not liable to a beneficiary for a breach of trust to the extent the breach resulted from the reliance. [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).