Maine Revised Statutes Title 18-B Sec. 2111 – No duty to monitor, inform or advise
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1. Trustee. Unless the terms of a trust provide otherwise:
A. A trustee does not have a duty to:
(1) Monitor a trust director; or
(2) Inform or give advice to a settlor, beneficiary, trustee or trust director concerning an instance in which the trustee might have acted differently than the director; and [PL 2019, c. 301, §8 (NEW).]
B. By taking an action described in paragraph A, a trustee does not assume the duty excluded by paragraph A. [PL 2019, c. 301, §8 (NEW).]
[PL 2019, c. 301, §8 (NEW).]
Terms Used In Maine Revised Statutes Title 18-B Sec. 2111
- 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.
2. Trust director. Unless the terms of a trust provide otherwise:
A. A trust director does not have a duty to:
(1) Monitor a trustee or another trust director; or
(2) Inform or give advice to a settlor, beneficiary, trustee or another trust director concerning an instance in which the director might have acted differently than a trustee or another trust director; and [PL 2019, c. 301, §8 (NEW).]
B. By taking an action described in paragraph A, a trust director does not assume the duty excluded by paragraph A. [PL 2019, c. 301, §8 (NEW).]
[PL 2019, c. 301, §8 (NEW).]
SECTION HISTORY
PL 2019, c. 301, §8 (NEW).