1E Relating to trusts

ARTICLE 1 - GENERAL PROVISIONS

"Minnesota Trust Code"; specifying applicability; defining terms; providing for governing law, rules, administration, notices, settlement agreements, and rules of construction

ARTICLE 2 - JUDICIAL PROCEEDINGS

Specifying role of court in administration of trust and nature of judicial proceedings, subject matter of judicial proceedings, orders for hearing and notice, order and appeal, court-supervised trusts, personal jurisdiction over trustee and beneficiary, venue, and application

ARTICLE 3 - REPRESENTATION

Specifying representation basic effect, representation by holder of a general power, fiduciaries and parents, persons having substantially identical interest, and court

ARTICLE 4 - CREATION, VALIDITY, MODIFICATION, AND TERMINATION OF TRUST

Specifying methods of creating trusts, requirements for creation, trusts created in other jurisdictions, trust purposes, creation of trust induced by fraud, evidence of oral trust, noncharitable trust without ascertainable beneficiary, trust termination or modification conditions, reformation to correct mistakes, and combination and division of trusts

ARTICLE 5 - SPENDTHRIFT TRUSTS; CREDITOR'S CLAIMS

Providing a spendthrift provision, right to compel distribution, creditor claims, overdue distribution, and personal obligations of trustee

ARTICLE 6 - REVOCABLE TRUSTS

Specifying requirements and conditions for capacity of settlor of revocable trust, revocation or amendment of revocable trusts, written statements regarding tangible personal property, settlor powers, limitation on action contesting validity of revocable trust, and distribution of trust property

ARTICLE 7 - OFFICE OF TRUSTEE

Providing for accepting or declining trusteeship, trustee's bond, cotrustees, vacancies, successor appointment, trustee resignation and removal, property delivery, trustee compensation, and expense reimbursement

ARTICLE 8 - DUTIES AND POWERS OF TRUSTEE

Specifying duties to administer trust, loyalty, impartiality, prudence, delegation, directed trusts, property control, record keeping and property identification, claim enforcement, report duty, discretionary powers, general and specific trustee powers, and distribution upon termination

ARTICLE 9 - PRUDENT INVESTOR ACT RECODIFICATION

"Minnesota Prudent Investor Act"; specifying investment and management of trust assets

ARTICLE 10 - LIABILITY OF TRUSTEES AND RIGHTS OF PERSON DEALING WITH TRUSTEE

Providing remedies for breach of trust, damages for breach, remedies, attorney fees and costs, limitation of action, reliance on trust instrument, events affecting administration, exculpation, beneficiary consent, personal liability limitation, interest, protection, certificate, and affidavit

ARTICLE 11 - UNIFORM PRINCIPAL AND INCOME ACT RECODIFICATION

"Uniform Principal and Income Act"; defining terms; specifying trustee duties, income, principal, charges, when right to income arises and apportionment of income, income earned during administration, entity distributions, bond premium, sole proprietorships, natural resources disposition, timber, annuities, compensation, retirement plans, trustee power to adjust, charges against income and principal, nontrust estates, application, income or principal ascertainment, and uniformity of interpretation

ARTICLE 12 - MISCELLANEOUS PROVISIONS RECODIFICATION

Providing for a memorial fund, suspension of the power of alienation, trusts forming part of retirement plans, trust not affected, trusts linked to public assistance eligibility, supplemental needs trusts, public health care programs, effect of dissolution of marriage, settlor and agents of settlor, bona fide purchasers protected, certificate of custodianship, and affidavit

ARTICLE 13 - APPLICATION AND CONSTRUCTION OF TRUST CODE

Specifying uniformity of application and construction

ARTICLE 14 - POWERS OF APPOINTMENT

Specifying common law of powers retained, varieties of power, extent of done authority to appoint or contract to appoint an estate, exercise of a power, trust decanting, rights of creditors, revocation and release, and rule against perpetuities; defining terms; repealing powers of appointment

ARTICLE 15 - CONFORMING CHANGES

Making conforming changes

ARTICLE 16 - REPEALER

Repealing trust statutory provisions; providing for revisor's instruction
(je)