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Minnesota Legislature

Office of the Revisor of Statutes

TRUSTEES

See also TRUSTS

Accounting and bookkeeping, Minn. Statutes 2014 501B.23

Acknowledgments in a representative capacity, Minn. Statutes 2014 358.41, 2014 358.50

Additional trustees, Minn. Statutes 2014 501B.14

Advances, repayment, enumerated powers of trustees, Minn. Statutes 2014 501B.81

Advisors to, employment by trustee, enumerated powers of trustees, Minn. Statutes 2014 501B.81

Affidavits, real property transactions, Minn. Statutes 2014 501B.57

Agricultural land, acquisition of title, Minn. Statutes 2014 500.221

Annuities, allocation of principal and income, Minn. Statutes 2014 501B.69

Appointment

Confirmation, Minn. Statutes 2014 501B.22

Decedents, death by wrongful act, Minn. Statutes 2014 573.02

Dissolution of marriage, Minn. Statutes 2014 518A.63

Generally, Minn. Statutes 2014 49.215

Partnerships, events causing expulsion of partners, Minn. Statutes 2014 323A.0601

Assets of trust, see Trust assets, powers of trustees under this topic

Assignment of mortgages, foreclosure, duties, generally, Minn. Statutes 2014 582.11, 2014 582.12

Authenticating trustees, investment securities

Registration of transfer, duties, Minn. Statutes 2014 336.8-407

Unauthorized signatures, Minn. Statutes 2014 336.8-205

Warranties, Minn. Statutes 2014 336.8-208

Bankruptcy, see Trustees under BANKRUPTCY

Banks acting as, see Trustees under BANKS

Beneficiaries

Nonmerger of trusts, Minn. Statutes 2014 501B.13

Trustees as, discretionary distributions, Minn. Statutes 2014 501B.14

Bonds (officers and fiduciaries)

Insurance companies, liquidation, filing new bonds, Minn. Statutes 2014 60B.26

Lawsuits on, Minn. Statutes 2014 574.11, 2014 574.25

Running to state, Minn. Statutes 2014 574.11

Surety costs, expense claims, Minn. Statutes 2014 574.19

Buildings, enumerated powers of trustees, Minn. Statutes 2014 501B.81

Business corporations

Defined as legal representatives, Minn. Statutes 2014 302A.011

Shares controlled by, voting rights, Minn. Statutes 2014 302A.447, 2014 302A.453

Businesses, operation, separate accounts, allocation of principal and income, Minn. Statutes 2014 501B.665

Cemetery associations, see Trustees under CEMETERY ASSOCIATIONS

Charitable organizations, Minn. Statutes 2014 309.52, 2014 309.53, 2014 309.55

Charitable trusts, see CHARITABLE TRUSTS

Child support, appointment to receive payment, Minn. Statutes 2014 518A.63

Church benefits boards, Minn. Statutes 2014 317A.909

Claims, compromise and settlement, enumerated powers of trustees, Minn. Statutes 2014 501B.81

Common interest communities, associations as, Minn. Statutes 2014 515B.3-119

Compensation and salaries

Payment, Minn. Statutes 2014 181.16

Uniform Principal and Income Act, Minn. Statutes 2014 501B.71

Condominiums, unit owners association as, Minn. Statutes 2014 515.25, 2014 515A.3-117

Confirmation, see Court proceedings under TRUSTS

Continuing care facilities, rehabilitation, Minn. Statutes 2014 80D.11

Contracts and agreements

Entering into, powers of trustees, Minn. Statutes 2014 501B.81

Nonjudicial settlement agreements, Minn. Statutes 2014 501B.154, 2014 501B.155

Sale, mortgage or lease of real property, confirmation, Minn. Statutes 2014 501B.52, 2014 501B.53, 2014 501B.54

Conveyance of real property

Encumbrances, Minn. Statutes 2014 507.20, 2014 507.21

Registered land, see Trustees under LAND REGISTRATION

Copyrights, allocation of principal and income, Minn. Statutes 2014 501B.69

Corporate trustees, replacement, successor corporate trustee, Minn. Statutes 2014 501B.08

Corporations

Generally, see Trustees under CORPORATIONS

Legal work, Minn. Statutes 2014 481.02

County law libraries, see Board of trustees under COUNTY LAW LIBRARIES

Creditors of trustees, express trust not declared, effect, Minn. Statutes 2014 501B.05

Custodial trustees

Acceptance, Minn. Statutes 2014 529.04

Accounting by, Minn. Statutes 2014 529.14

Defined, Minn. Statutes 2014 529.01

Designation, Minn. Statutes 2014 529.03

Duties and powers, generally, Minn. Statutes 2014 529.06, 2014 529.07

Generally, Minn. Statutes 2014 529.12, 2014 529.13

Lawsuits against, limitations, Minn. Statutes 2014 529.15

Liability, Minn. Statutes 2014 529.11, 2014 529.14

Limitations of action against, Minn. Statutes 2014 529.15

Obligations, Minn. Statutes 2014 529.04

Reports given, Minn. Statutes 2014 529.14

Debt management services providers, exclusion, Minn. Statutes 2014 332A.02

Decedents estates

Liability, estate taxes, payment, Minn. Statutes 2014 291.12

Property, power to sell, Minn. Statutes 2014 291.16

Sale of decedent's property to satisfy judgments, Minn. Statutes 2014 550.04

Tax returns of decedent, inspection, rights, Minn. Statutes 2014 270B.03

Deeds to, Minn. Statutes 2014 507.35

Deferred compensation, allocation of principal and income, Minn. Statutes 2014 501B.69

Definitions

Business corporations, Minn. Statutes 2014 302A.011

Commercial Code, Minn. Statutes 2014 336.3-307

Custodial trusts, Minn. Statutes 2014 529.01

Employment law, Minn. Statutes 2014 181.60

Estate taxes, Minn. Statutes 2014 524.3-916

Human Rights Act, Minn. Statutes 2014 363A.03

Income and franchise taxes, Minn. Statutes 2014 290.01

Industrial development districts, Minn. Statutes 2014 469.153

Investments permitted, Minn. Statutes 2014 501B.59, 2014 501B.79

Limited liability companies, Minn. Statutes 2014 322B.03, 2014 322C.0102

Nonprofit corporations, Minn. Statutes 2014 317A.011

Trustees' Powers Act, Minn. Statutes 2014 501B.79

Trusts, Minn. Statutes 2014 501B.35

Unemployment Insurance Law, Minn. Statutes 2014 268.035

Uniform Act for the Simplification of Fiduciary Security transfers, Minn. Statutes 2014 520.21

Uniform Fiduciaries Act, Minn. Statutes 2014 520.01

Uniform Principal and Income Act, Minn. Statutes 2014 501B.59

Uniform Probate Code, Minn. Statutes 2014 524.1-201

Workers' compensation self-insurance, Minn. Statutes 2014 79A.01

Delegation of duties, agents, selection, reasonable care, Minn. Statutes 2014 501B.152

Determinations by, distributions, allocation of income, interest, and principal, Minn. Statutes 2014 501B.63, 2014 501B.64

Disclaimer of property interests

Delivery, Minn. Statutes 2014 524.2-1114

Effect, Minn. Statutes 2014 524.2-1110

Discretionary powers of distribution, statutory rule against perpetuities, Minn. Statutes 2014 501A.04

Dissolution of marriage, appointment to receive payments, Minn. Statutes 2014 518A.63

Distribution of interest

Discretionary distributions, Minn. Statutes 2014 501B.14

Enumerated powers of trustees, Minn. Statutes 2014 501B.81

Division of trusts, powers, Minn. Statutes 2014 501B.15

Employers, trustees defined as

Employment law, Minn. Statutes 2014 181.60

Unemployment Insurance Law, Minn. Statutes 2014 268.035

Enforcement of terms of trusts, actions of agents, Minn. Statutes 2014 501B.152

Enumerated powers, trust assets, Minn. Statutes 2014 501B.81

Estate taxes, Minn. Statutes 2014 524.3-916

Estates

Administration, Minn. Statutes 2014 501B.60

Tax returns, inspection by trustee, Minn. Statutes 2014 270B.03

Excess business holdings, Minn. Statutes 2014 501B.32

Exemptions, real estate licensure, Minn. Statutes 2014 82.56

Fiduciaries, trustees defined as

Commercial Code, Minn. Statutes 2014 336.3-307

Income and franchise taxes, Minn. Statutes 2014 290.01

Foreign corporations

Foreign corporations acting as, business transactions, Minn. Statutes 2014 303.03

Withdrawal applications, Minn. Statutes 2014 303.16

Foreign trust associations, acting as, Minn. Statutes 2014 303.25

Generation-skipping taxes, Minn. Statutes 2014 524.3-916

Grain buyers, orders, Minn. Statutes 2014 223.17

Housing Finance Agency, appointment, powers and duties, Minn. Statutes 2014 462A.16, 2014 462A.17

Income taxes, assessment and collection, time limitations, Minn. Statutes 2014 270C.58, 2014 289A.38

Individual retirement accounts

Allocation of principal and income, Minn. Statutes 2014 501B.69

Banks, acting as trustees, Minn. Statutes 2014 48.15

Financial institutions, acting as trustees, Minn. Statutes 2014 47.75

Industrial development districts

Bondholders, rights and remedies, Minn. Statutes 2014 469.163

Limitations on powers, duties, and liabilities, Minn. Statutes 2014 469.161

Industrial loan and thrift companies, acting as trustees, Minn. Statutes 2014 53.05

Instruments, execution, enumerated powers of trustees, Minn. Statutes 2014 501B.81

Investment Board, management duties, Minn. Statutes 2014 11A.04

Investments by

Diversification, Minn. Statutes 2014 501B.151

Enumerated powers of trustees, Minn. Statutes 2014 501B.81

Higher Education Facilities Authority revenue bonds, Minn. Statutes 2014 136A.38

Higher Education Office revenue bonds, Minn. Statutes 2014 136A.178

Investment companies, Minn. Statutes 2014 501B.151

Municipal gas agency bonds, Minn. Statutes 2014 453A.10

Municipal power agency bonds, Minn. Statutes 2014 453.60

Prudent investor rule, compliance, Minn. Statutes 2014 501B.151

Rural Finance Authority bonds, Minn. Statutes 2014 41C.10

Savings association accounts, Minn. Statutes 2014 51A.31

Savings bank accounts, Minn. Statutes 2014 50.17

State university revenue bonds, Minn. Statutes 2014 136F.91

Joint property, casualty, or automobile self-insurance plans, board of trustees, Minn. Statutes 2014 60F.05

Joint self-insurance employee health plans, Minn. Statutes 2014 62H.05

Judgments, sale of decedent's property to satisfy, Minn. Statutes 2014 550.04

Lawsuits

Costs and disbursements, recovery, Minn. Statutes 2014 549.14

Death by wrongful act, Minn. Statutes 2014 573.02

Higher Education Facilities Authority revenue bonds, compelling performance, Minn. Statutes 2014 136A.37

Higher Education Office revenue bonds, compelling performance, Minn. Statutes 2014 136A.177

Leases

Allocation of principal and income, Minn. Statutes 2014 501B.69

Enumerated powers of trustees, Minn. Statutes 2014 501B.81

Legal actions, duties, enumerated powers of trustees, Minn. Statutes 2014 501B.81

Legal representatives, trustees defined as

Business corporations, Minn. Statutes 2014 302A.011

Limited liability companies, Minn. Statutes 2014 322B.03

Nonprofit corporations, Minn. Statutes 2014 317A.011

Liability

Actions of agents, Minn. Statutes 2014 501B.152

Adjustment between principal and income, exemption, Minn. Statutes 2014 501B.705

Hazardous substances releases, exemption, Minn. Statutes 2014 115B.03

Income taxes, trusts, Minn. Statutes 2014 270C.58, 2014 289A.31

Public corporations, Minn. Statutes 2014 317A.257

Reliance on provisions of trust, effect, Minn. Statutes 2014 501B.151

Third persons, liability to, insurance, Minn. Statutes 2014 501B.81

Life insurance companies, Minn. Statutes 2014 66A.43

Life insurance, insurable interest in life of insured required, Minn. Statutes 2014 60A.0783

Limited liability companies

Death, incompetency or bankruptcy of individual members, Minn. Statutes 2014 322B.323, 2014 322C.0602

Dissociation of members, events causing, Minn. Statutes 2014 322C.0602

Dissolution, termination, receivership, or bankruptcy of corporate members, Minn. Statutes 2014 322B.323

Legal representatives, trustees defined as, Minn. Statutes 2014 322B.03

Membership interests controlled by, voting rights, Minn. Statutes 2014 322B.36

Records, inspection rights, Minn. Statutes 2014 322B.373

Limited partnerships, appointment, dissociation of partners, events causing, Minn. Statutes 2014 321.0603

Medical malpractice insurance, Joint Underwriting Association, stabilization reserve fund, corporate trustee, Minn. Statutes 2014 62F.09

Medical savings accounts, financial institutions, acting as trustees, Minn. Statutes 2014 47.75, 2014 48.15

Merger of trusts, powers, Minn. Statutes 2014 501B.15

Minnesota State Academies Board, acting as trustees for academies' properties, Minn. Statutes 2014 125A.62

Mortgages, assignments, foreclosure, powers and duties, generally, Minn. Statutes 2014 582.11, 2014 582.12

Multiparty accounts, see MULTIPARTY ACCOUNTS

Multiple trusts, enumerated powers of trustees, Minn. Statutes 2014 501B.81

Natural resources

Exploration and removal, enumerated powers of trustees, Minn. Statutes 2014 501B.81

Lawsuits to recover damages, authorizing, Minn. Statutes 2014 115B.17

Nonprofit corporations, see Trustees under NONPROFIT CORPORATIONS

Oaths

Oaths of office, Minn. Statutes 2014 358.06

Power to administer, Minn. Statutes 2014 358.10

Trustees of decedents, Minn. Statutes 2014 573.02

Partnerships, enforcement, partners' contributions, winding up, Minn. Statutes 2014 323A.0807

Party walls, enumerated powers of trustees, Minn. Statutes 2014 501B.81

Payments to

Misapplication, Minn. Statutes 2014 501B.06

Negotiable instruments, identification of payee, Minn. Statutes 2014 336.3-110

Personal property owned, possessed, or controlled by, tax listing statements, verification, Minn. Statutes 2014 273.25

Portfolio management, Minn. Statutes 2014 501B.151

Powers reserved by grantor, effect, Minn. Statutes 2014 501B.12

Private foundations, duties, Minn. Statutes 2014 501B.32

Probate, distributions, Minn. Statutes 2014 524.3-913

Proxies, see PROXIES (PERSONS)

Prudent Investor Act, Minn. Statutes 2014 501B.151

Public corporations, liability of trustees, Minn. Statutes 2014 317A.257

Public grain warehouse operators, default, Minn. Statutes 2014 232.22

Public retirement plans, see Board of trustees under specific plans

Real estate licensure, exemption, Minn. Statutes 2014 82.56

Register of trusts and trustees, attorney general, duties, Minn. Statutes 2014 501B.37

Reinsurers, Minn. Statutes 2014 60A.092

Religious corporations, see Trustees under RELIGIOUS CORPORATIONS

Religious organizations and societies, appointment, dissolution proceedings, Minn. Statutes 2014 315.38

Removal for cause, Minn. Statutes 2014 501B.16

Reports given, agricultural land, restrictions on acquisition of title, Minn. Statutes 2014 500.221

Representatives, trustees defined as, Minn. Statutes 2014 336.1-201

Reserves, creation, enumerated powers of trustees, Minn. Statutes 2014 501B.81

Residential mortgage originator and servicer licenses, exemptions, Minn. Statutes 2014 58.04, 2014 58.05

Retirement plans, allocation of principal and income, Minn. Statutes 2014 501B.69

Review by, actions of agents, Minn. Statutes 2014 501B.152

Rural Finance Authority, bondholders, Minn. Statutes 2014 41C.09

Savings associations, see Trustees under SAVINGS ASSOCIATIONS

Savings banks

Accounts, rights, Minn. Statutes 2014 50.17

Acting as trustees, Minn. Statutes 2014 49.38, 2014 50.085

School boards, independent school districts, authority, Minn. Statutes 2014 123B.02

Securities issued by, life insurance companies, investments, Minn. Statutes 2014 61A.28

Self-dealing, Minn. Statutes 2014 501B.32

Signatures, income tax returns, Minn. Statutes 2014 289A.08

Sole proprietorships, operation, separate accounts, allocation of principal and income, Minn. Statutes 2014 501B.665

Split interest trusts, duties, Minn. Statutes 2014 501B.32

Spousal maintenance, appointment to receive payment, Minn. Statutes 2014 518A.63

Subdivision of land, enumerated powers of trustees, Minn. Statutes 2014 501B.81

Successor trustees, title to trust assets, vesting, Minn. Statutes 2014 501B.08

Supervision of Charitable Trusts and Trustees Act, Minn. Statutes 2014 501B.33 to 2014 501B.45

Tax returns

Income taxes, trusts, filing, duties, Minn. Statutes 2014 289A.08

Inspection, rights, Minn. Statutes 2014 270B.03

Tax-exempt corporations, liability, Minn. Statutes 2014 317A.257

Taxable expenditures, Minn. Statutes 2014 501B.32

Testamentary trusts, Minn. Statutes 2014 524.1-201

Traffic accident reports, access to data, Minn. Statutes 2014 169.09

Trust assets, powers of trustees

Division and merger of trusts, Minn. Statutes 2014 501B.15

Generally, Minn. Statutes 2014 501B.151, 2014 501B.81

Options, Minn. Statutes 2014 501B.61, 2014 501B.81

Trust companies, acting as trustees

Cemetery associations, see Trustees under CEMETERY ASSOCIATIONS

Companies with 10,000 dollars minimum amount, Minn. Statutes 2014 48A.03

Fiduciary duties and powers, Minn. Statutes 2014 48A.07

Mergers or consolidations, effect, Minn. Statutes 2014 49.38

National banking associations, conversions, Minn. Statutes 2014 49.44

Trust expenses, payment, enumerated powers of trustees, Minn. Statutes 2014 501B.81

Trustees' Powers Act, generally, Minn. Statutes 2014 501B.79 to 2014 501B.82

Trusts, terms of, deviation from, court powers, Minn. Statutes 2014 501B.151

Uniform Principal and Income Act

Adjustment between principal and income, powers, Minn. Statutes 2014 501B.705

Discretion, Minn. Statutes 2014 501B.60

Entity distributions, reliance on statements, Minn. Statutes 2014 501B.64

Expenses, charges, Minn. Statutes 2014 501B.61

Income received by trustee, administration of estates, Minn. Statutes 2014 501B.63

Vacancies in trusteeship, acts performed during, confirmation, Minn. Statutes 2014 501B.08

Workers' compensation, see Payments by employers or insurers under WORKERS COMPENSATION