Maine Revised Statutes > Title 18-B > Part 1 > Chapter 8 – Duties and Powers of Trustee
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Maine Revised Statutes > Title 18-B > Part 1 > Chapter 8 - Duties and Powers of Trustee
- Adult: means a person who has attained the age of 18 years. See Maine Revised Statutes Title 1 Sec. 72
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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
- Capital grant: means a grant award from the fund pursuant to section 6208 to cover eligible costs for a capital grant as specified in subsection 5, paragraph C. See Maine Revised Statutes Title 30-A Sec. 6201
- Commissioner: means the Commissioner of Economic and Community Development. See Maine Revised Statutes Title 30-A Sec. 6201
- Cooperative services grant: means a grant award from the fund pursuant to section 6208 to cover eligible costs for a cooperative services grant as specified in subsection 5, paragraph B. See Maine Revised Statutes Title 30-A Sec. 6201
- Decedent: A deceased person.
- Department: means the Department of Economic and Community Development. See Maine Revised Statutes Title 30-A Sec. 6201
- Devise: To gift property by will.
- Domestic partner: means one of 2 unmarried adults who are domiciled together under long-term arrangements that evidence a commitment to remain responsible indefinitely for each other's welfare. See Maine Revised Statutes Title 1 Sec. 72
- Eligible applicant: means a municipality, county or regional government subdivision. See Maine Revised Statutes Title 30-A Sec. 6201
- Fiduciary: A trustee, executor, or administrator.
- Fund: means the Fund for the Efficient Delivery of Local and Regional Services established by section 6202. See Maine Revised Statutes Title 30-A Sec. 6201
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
- Inhabitant: means a person having an established residence in a place. See Maine Revised Statutes Title 1 Sec. 72
- Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
- lands: includes lands and all tenements and hereditaments connected therewith, and all rights thereto and interests therein. See Maine Revised Statutes Title 1 Sec. 72
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Majority: when used in reference to age shall mean the age of 18 and over. See Maine Revised Statutes Title 1 Sec. 72
- Marital deduction: The deduction(s) that can be taken in the determination of gift and estate tax liabilities because of the existence of a marriage or marital relationship.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Municipal officers: means :
A. See Maine Revised Statutes Title 30-A Sec. 2001Municipality: means a city or town, except as provided in chapter 225. See Maine Revised Statutes Title 30-A Sec. 2001 Planning grant: means a grant award from the fund pursuant to section 6208 to cover eligible costs of developing a qualifying project for a cooperative services grant. See Maine Revised Statutes Title 30-A Sec. 6201 Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government. Qualifying project: means a project designed to achieve significant and sustainable savings in the cost of delivering local and regional governmental services that reduces the demand for property tax revenues through collaborative approaches to service delivery, enhanced regional delivery systems, consolidated administrative services, broad-based purchasing alliances and interlocal agreements. See Maine Revised Statutes Title 30-A Sec. 6201 Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land. Regional government subdivision: means :
A. See Maine Revised Statutes Title 30-A Sec. 6201Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust). Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident. Town: includes cities and plantations, unless otherwise expressed or implied. See Maine Revised Statutes Title 1 Sec. 72 Trustee: A person or institution holding and administering property in trust. Year: means a calendar year, unless otherwise expressed. See Maine Revised Statutes Title 1 Sec. 72