Maine Revised Statutes Title 18-B Sec. 110 – Others treated as qualified beneficiaries
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1. Charitable organization or person to enforce trust. A charitable organization expressly designated to receive distributions under the terms of a charitable trust has the rights of a qualified beneficiary under this Code if the charitable organization, on the date the charitable organization’s qualification is being determined:
A. Is a distributee or permissible distributee of trust income or principal; [PL 2005, c. 184, §7 (NEW).]
B. Would be a distributee or a permissible distributee of trust income or principal upon the termination of the interests of other distributees or permissible distributees then receiving or eligible to receive distributions; or [PL 2005, c. 184, §7 (NEW).]
C. Would be a distributee or permissible distributee of trust income or principal if the trust terminated on that date. [PL 2017, c. 39, §1 (AMD).]
A charitable organization whose interest in the trust as a contingent distributee of the trust income or principal is not reasonably expected to vest does not have the rights of a qualified beneficiary.
[PL 2017, c. 39, §1 (AMD).]
Terms Used In Maine Revised Statutes Title 18-B Sec. 110
- 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
1-A. Person appointed to enforce trust. A person appointed to enforce a trust created for the care of an animal or another noncharitable purpose as provided in section 408 or 409 has the rights of a qualified beneficiary under this Code.
[PL 2005, c. 184, §7 (NEW).]
2. Attorney General. The Attorney General has the rights provided in Title 5, section 194 with respect to a charitable trust having its principal place of administration in this State, but may not be treated as and does not have the rights of a qualified beneficiary.
[PL 2005, c. 184, §7 (AMD).]
SECTION HISTORY
PL 2003, c. 618, §A1 (NEW). PL 2003, c. 618, §A2 (AFF). PL 2005, c. 184, §7 (AMD). PL 2017, c. 39, §1 (AMD).