2023 Minnesota Statutes

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	MS 2020 [Repealed, 2022 c 98 art 2 s 16]
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.