Maine Revised Statutes Title 18-B Sec. 2109 – Duty and liability of directed trustee
Current as of: 2023 | Check for updates
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1. Reasonable action to comply. Subject to subsection 2, a directed trustee shall take reasonable action to comply with a trust director’s exercise or nonexercise of a power of direction or further power under section 2106, subsection 2, paragraph A, and the trustee is not liable for the action.
[PL 2019, c. 301, §8 (NEW).]
Terms Used In Maine Revised Statutes Title 18-B Sec. 2109
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Probate: Proving a will
- Trustee: A person or institution holding and administering property in trust.
2. No compliance if willful misconduct. A directed trustee may not comply with a trust director’s exercise or nonexercise of a power of direction or further power under section 2106, subsection 2, paragraph A to the extent that by complying the trustee would engage in willful misconduct.
[PL 2019, c. 301, §8 (NEW).]
3. Release from liability not effective. An exercise of a power of direction under which a trust director may release a trustee or another trust director from liability for breach of trust is not effective if:
A. The breach involved the trustee’s or other director’s willful misconduct; [PL 2019, c. 301, §8 (NEW).]
B. The release was induced by improper conduct of the trustee or other director in procuring the release; or [PL 2019, c. 301, §8 (NEW).]
C. At the time of the release, the director did not know the material facts relating to the breach. [PL 2019, c. 301, §8 (NEW).]
[PL 2019, c. 301, §8 (NEW).]
4. Petition court for instructions. A directed trustee that has reasonable doubt about its duty under this section may petition the Probate Court or the Superior Court for instructions.
[PL 2019, c. 301, §8 (NEW).]
5. Additional duty or liability. The terms of a trust may impose a duty or liability on a directed trustee in addition to the duties and liabilities under this section.
[PL 2019, c. 301, §8 (NEW).]
SECTION HISTORY
PL 2019, c. 301, §8 (NEW).