Maine Revised Statutes Title 35-A Sec. 10108 – Liability
Current as of: 2023 | Check for updates
|
Other versions
1. Bond. All officers, directors, employees and other agents of the trust entrusted with the custody of funds of the trust or authorized to disburse the funds of the trust must be bonded either by a blanket bond or by individual bonds with a minimum limitation of $100,000 coverage for each person covered by the bond or bonds, or equivalent fiduciary liability insurance, conditioned upon the faithful performance of their duties. The premiums for the bond or bonds must be paid out of the assets of the trust.
[PL 2011, c. 637, §5 (NEW).]
Terms Used In Maine Revised Statutes Title 35-A Sec. 10108
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Fiduciary: A trustee, executor, or administrator.
- 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
- Person: includes a corporation, partnership, limited partnership, limited liability company, limited liability partnership, association, trust, estate, any other legal entity or natural person. See Maine Revised Statutes Title 35-A Sec. 102
- Trust: means the Efficiency Maine Trust established in section 10103. See Maine Revised Statutes Title 35-A Sec. 10102
- Trustee: means a member of the board. See Maine Revised Statutes Title 35-A Sec. 10102
- Trustee: A person or institution holding and administering property in trust.
2. Indemnification. Each trustee must be indemnified by the trust against expenses actually and necessarily incurred by the trustee in connection with the defense of any action or proceeding in which the trustee is made a party by reason of being or having been a trustee and against any final judgment rendered against the trustee in that action or proceeding.
[PL 2011, c. 637, §5 (NEW).]
SECTION HISTORY
PL 2009, c. 372, Pt. B, §3 (NEW). PL 2011, c. 637, §5 (RPR).