Maine Revised Statutes Title 18-B Sec. 2102 – Definitions
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As used in this Act, unless the context otherwise indicates, the following terms have the following meanings. [PL 2019, c. 301, §8 (NEW).]
1. Act. “Act” means the Maine Uniform Directed Trust Act.
[PL 2019, c. 301, §8 (NEW).]
Terms Used In Maine Revised Statutes Title 18-B Sec. 2102
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- Trustee: A person or institution holding and administering property in trust.
- United States: includes territories and the District of Columbia. See Maine Revised Statutes Title 1 Sec. 72
2. Breach of trust. “Breach of trust” includes a violation by a trust director or trustee of a duty imposed on that director or trustee by the terms of the trust, this Act or law of this State other than this Act pertaining to trusts.
[PL 2019, c. 301, §8 (NEW).]
3. Directed trust. “Directed trust” means a trust for which the terms of the trust grant a power of direction.
[PL 2019, c. 301, §8 (NEW).]
4. Directed trustee. “Directed trustee” means a trustee that is subject to a trust director’s power of direction.
[PL 2019, c. 301, §8 (NEW).]
5. Person. “Person” means an individual, estate, business or nonprofit entity, public corporation, government or governmental subdivision, agency or instrumentality or other legal entity.
[PL 2019, c. 301, §8 (NEW).]
6. Power of direction. “Power of direction” means a power over a trust granted to a person by the terms of the trust to the extent the power is exercisable while the person is not serving as a trustee. “Power of direction” includes a power over the investment, management or distribution of trust property or other matters of trust administration. “Power of direction” excludes the powers described in section 2105, subsection 2.
[PL 2019, c. 301, §8 (NEW).]
7. Settlor. “Settlor” has the same meaning as in section 103, subsection 14.
[PL 2019, c. 301, §8 (NEW).]
8. State. “State” means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the United States Virgin Islands or any territory or insular possession subject to the jurisdiction of the United States.
[PL 2019, c. 301, §8 (NEW).]
9. Terms of a trust. “Terms of a trust” means:
A. Except as otherwise provided in paragraph B, the manifestation of the settlor’s intent regarding a trust’s provisions as:
(1) Expressed in the trust instrument; or
(2) Established by other evidence that would be admissible in a judicial proceeding; or [PL 2019, c. 301, §8 (NEW).]
B. The trust’s provisions as established, determined or amended by:
(1) A trustee or trust director in accordance with applicable law;
(2) Court order; or
(3) A nonjudicial settlement agreement under the Maine Uniform Trust Code. [PL 2019, c. 301, §8 (NEW).]
[PL 2019, c. 301, §8 (NEW).]
10. Trust director. “Trust director” means a person that is granted a power of direction by the terms of a trust to the extent the power is exercisable while the person is not serving as a trustee. The person is a trust director whether or not the terms of the trust refer to the person as a trust director and whether or not the person is a beneficiary or settlor of the trust.
[PL 2019, c. 301, §8 (NEW).]
11. Trustee. “Trustee” includes an original, additional and successor trustee and a cotrustee.
[PL 2019, c. 301, §8 (NEW).]
SECTION HISTORY
PL 2019, c. 301, §8 (NEW).