Maine Revised Statutes Title 18-B Sec. 1222 – Trust for care of animal
Current as of: 2023 | Check for updates
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1. Definitions. As used in this section, unless the context otherwise indicates, the following terms have the following meanings.
A. “Animal trust” means a trust or an interest in a trust created to provide for the care of one or more animals. [PL 2021, c. 235, §1 (NEW).]
B. “Protector” means a person appointed in an animal trust to enforce the trust on behalf of the animal or, if no such person is appointed in the trust, a person appointed by the court for that purpose. [PL 2021, c. 235, §1 (NEW).]
[PL 2021, c. 235, §1 (NEW).]
Terms Used In Maine Revised Statutes Title 18-B Sec. 1222
- 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
2. Consent of protector. The decanting power may be exercised over an animal trust that has a protector to the extent the trust could be decanted under this Act if each animal that benefits from the trust were an individual, if the protector consents in a signed record to the exercise of the power.
[PL 2021, c. 235, §1 (NEW).]
3. Rights of qualified beneficiary. A protector for an animal has the rights under this Act of a qualified beneficiary.
[PL 2021, c. 235, §1 (NEW).]
4. Time period first trust benefited animal. Notwithstanding any provision of this Act to the contrary, if a first trust is an animal trust, in an exercise of the decanting power, the 2nd trust must provide that trust property may be applied only for its intended purpose for the time period the first trust benefited the animal.
[PL 2021, c. 235, §1 (NEW).]
SECTION HISTORY
PL 2021, c. 235, §1 (NEW).