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2016 Minnesota Statutes

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CHAPTER 501C. TRUSTS

Table of Sections
Section Headnote
GENERAL PROVISIONS
501C.0101 SHORT TITLE.
501C.0102 SCOPE.
501C.0103 DEFINITIONS.
501C.0104 KNOWLEDGE.
501C.0105 DEFAULT AND MANDATORY RULES.
501C.0106 COMMON LAW OF TRUSTS; PRINCIPLES OF EQUITY.
501C.0107 GOVERNING LAW.
501C.0108 PRINCIPAL PLACE OF ADMINISTRATION.
501C.0109 METHODS AND WAIVER OF NONJUDICIAL NOTICE.
501C.0110 OTHERS TREATED AS QUALIFIED BENEFICIARIES.
501C.0111 NONJUDICIAL SETTLEMENT AGREEMENTS.
501C.0112 RULES OF CONSTRUCTION.
JUDICIAL PROCEEDINGS
501C.0201 ROLE OF COURT IN ADMINISTRATION OF TRUST AND NATURE OF JUDICIAL PROCEEDING.
501C.0202 SUBJECT MATTER OF JUDICIAL PROCEEDINGS.
501C.0203 ORDER FOR HEARING AND NOTICE.
501C.0204 ORDER AND APPEAL.
501C.0205 COURT-SUPERVISED TRUSTS.
501C.0206 PERSONAL JURISDICTION OVER TRUSTEE AND BENEFICIARY.
501C.0207 VENUE.
501C.0208 APPLICATION.
REPRESENTATION
501C.0301 REPRESENTATION: BASIC EFFECT.
501C.0302 REPRESENTATION BY HOLDER OF A GENERAL POWER.
501C.0303 REPRESENTATION BY FIDUCIARIES AND PARENTS.
501C.0304 REPRESENTATION BY PERSON HAVING SUBSTANTIALLY IDENTICAL INTEREST.
501C.0305 REPRESENTATION BY COURT; APPOINTMENT OF REPRESENTATIVE.
CREATION, VALIDITY, MODIFICATION,
AND TERMINATION OF TRUST
501C.0401 METHODS OF CREATING TRUST.
501C.0402 REQUIREMENTS FOR CREATION.
501C.0403 TRUSTS CREATED IN OTHER JURISDICTIONS.
501C.0404 TRUST PURPOSES.
501C.0406 CREATION OF TRUST INDUCED BY FRAUD, DURESS, OR UNDUE INFLUENCE.
501C.0407 EVIDENCE OF ORAL TRUST.
501C.0408 TRUST FOR CARE OF ANIMAL.
501C.0409 NONCHARITABLE TRUST WITHOUT ASCERTAINABLE BENEFICIARY.
501C.0410 MODIFICATION OR TERMINATION OF TRUST; PROCEEDINGS FOR APPROVAL OR DISAPPROVAL.
501C.0411 MODIFICATION OR TERMINATION OF NONCHARITABLE IRREVOCABLE TRUST BY CONSENT.
501C.0412 MODIFICATION OR TERMINATION BECAUSE OF UNANTICIPATED CIRCUMSTANCES OR INABILITY TO ADMINISTER TRUST EFFECTIVELY.
501C.0414 MODIFICATION OR TERMINATION OF UNECONOMIC TRUST.
501C.0415 REFORMATION TO CORRECT MISTAKES.
501C.0416 MODIFICATION TO ACHIEVE SETTLOR'S TAX OBJECTIVES.
501C.0417 COMBINATION AND DIVISION OF TRUSTS.
SPENDTHRIFT TRUSTS; CREDITOR'S CLAIMS
AND DISCRETIONARY TRUSTS
501C.0502 SPENDTHRIFT PROVISION.
501C.0504 RIGHT TO COMPEL DISTRIBUTION.
501C.0505 CREDITOR'S CLAIM AGAINST SETTLOR.
501C.0506 OVERDUE DISTRIBUTION.
501C.0507 PERSONAL OBLIGATIONS OF TRUSTEE.
REVOCABLE TRUSTS
501C.0601 CAPACITY OF SETTLOR OF REVOCABLE TRUST.
501C.0602 REVOCATION OR AMENDMENT OF REVOCABLE TRUST.
501C.0603 WRITTEN STATEMENT REGARDING TANGIBLE PERSONAL PROPERTY.
501C.0604 SETTLOR'S POWERS.
501C.0605 LIMITATION ON ACTION CONTESTING VALIDITY OF REVOCABLE TRUST; DISTRIBUTION OF TRUST PROPERTY.
OFFICE OF TRUSTEE
501C.0701 ACCEPTING OR DECLINING TRUSTEESHIP.
501C.0702 TRUSTEE'S BOND.
501C.0703 COTRUSTEES.
501C.0704 VACANCY IN TRUSTEESHIP; APPOINTMENT OF SUCCESSOR.
501C.0705 RESIGNATION OF TRUSTEE.
501C.0706 REMOVAL OF TRUSTEE.
501C.0707 DELIVERY OF PROPERTY BY FORMER TRUSTEE.
501C.0708 COMPENSATION OF TRUSTEE.
501C.0709 REIMBURSEMENT OF EXPENSES.
DUTIES AND POWERS OF TRUSTEE
501C.0801 DUTY TO ADMINISTER TRUST.
501C.0802 DUTY OF LOYALTY.
501C.0803 IMPARTIALITY.
501C.0804 PRUDENT ADMINISTRATION.
501C.0807 DELEGATION BY TRUSTEE.
501C.0808 DIRECTED TRUSTS.
501C.0809 CONTROL, PROTECTION, AND DELIVERY OF TRUST PROPERTY.
501C.0810 RECORD KEEPING AND IDENTIFICATION OF TRUST PROPERTY.
501C.0811 ENFORCEMENT AND DEFENSE OF CLAIMS.
501C.0813 DUTY TO INFORM AND REPORT.
501C.0814 DISCRETIONARY POWERS; TAX SAVINGS.
501C.0815 GENERAL POWERS OF TRUSTEE.
501C.0816 SPECIFIC POWERS OF TRUSTEE.
501C.0817 DISTRIBUTION UPON TERMINATION.
PRUDENT INVESTOR ACT
501C.0901 INVESTMENT AND MANAGEMENT OF TRUST ASSETS.
LIABILITY OF TRUSTEES AND RIGHTS
OF PERSON DEALING WITH TRUSTEE
501C.1001 REMEDIES FOR BREACH OF TRUST.
501C.1002 DAMAGES FOR BREACH OF TRUST.
501C.1003 REMEDIES IN ABSENCE OF BREACH.
501C.1004 ATTORNEY FEES AND COSTS.
501C.1005 LIMITATION OF ACTION AGAINST TRUSTEE.
501C.1006 RELIANCE ON TRUST INSTRUMENT.
501C.1007 EVENT AFFECTING ADMINISTRATION OR DISTRIBUTION.
501C.1008 EXCULPATION OF TRUSTEE.
501C.1009 BENEFICIARY'S CONSENT, RELEASE, OR RATIFICATION.
501C.1010 LIMITATION ON PERSONAL LIABILITY OF TRUSTEE.
501C.1011 INTEREST AS GENERAL PARTNER.
501C.1012 PROTECTION OF PERSON DEALING WITH TRUSTEE.
501C.1013 CERTIFICATE OF TRUST.
501C.1014 AFFIDAVIT OF TRUSTEE IN REAL PROPERTY TRANSACTIONS.
UNIFORM PRINCIPAL AND INCOME ACT
501C.1101 DEFINITIONS.
501C.1102 DUTY OF TRUSTEE AS TO RECEIPTS AND EXPENDITURE.
501C.1103 INCOME; PRINCIPAL; CHARGES.
501C.1104 WHEN RIGHT TO INCOME ARISES; APPORTIONMENT OF INCOME.
501C.1105 INCOME EARNED DURING ADMINISTRATION OF A DECEDENT'S ESTATE.
501C.1106 ENTITY DISTRIBUTIONS.
501C.1107 BOND PREMIUM AND DISCOUNT.
501C.1108 SOLE PROPRIETORSHIPS.
501C.1109 DISPOSITION OF NATURAL RESOURCES.
501C.1110 TIMBER.
501C.1111 ANNUITIES, QUALIFIED AND NONQUALIFIED EMPLOYEE COMPENSATION, RETIREMENT PLANS AND OTHER PROPERTY SUBJECT TO DEPLETION.
501C.1112 TRUSTEE'S POWER TO ADJUST.
501C.1113 CHARGES AGAINST INCOME AND PRINCIPAL.
501C.1114 NONTRUST ESTATES.
501C.1115 APPLICATION.
501C.1116 ASCERTAINMENT OF INCOME OR PRINCIPAL.
501C.1117 UNIFORMITY OF INTERPRETATION.
501C.1118 SHORT TITLE.
MISCELLANEOUS
501C.1201 MEMORIAL FUND.
501C.1202 SUSPENSION OF THE POWER OF ALIENATION.
501C.1203 TRUSTS FORMING PART OF RETIREMENT PLANS FOR PARTICIPATING MEMBERS.
501C.1204 TRUSTS NOT AFFECTED.
501C.1205 TRUST PROVISIONS LINKED TO PUBLIC ASSISTANCE ELIGIBILITY; SUPPLEMENTAL NEEDS TRUSTS.
501C.1206 PUBLIC HEALTH CARE PROGRAMS AND CERTAIN TRUSTS.
501C.1207 EFFECT OF DISSOLUTION OF MARRIAGE.
501C.1208 SETTLOR AND AGENTS OF SETTLOR.
APPLICATION AND CONSTRUCTION
OF TRUST CODE
501C.1301 UNIFORMITY OF APPLICATION AND CONSTRUCTION.
501C.1302 ELECTRONIC RECORDS AND SIGNATURES.
501C.1303 SEVERABILITY.
501C.1304 APPLICATION TO EXISTING RELATIONSHIPS.

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