Section 5. Within a reasonable time after accepting a trusteeship or receiving trust assets, a trustee shall review the trust assets and make and implement decisions concerning the retention and disposition of assets, in order to bring the trust portfolio into compliance with the purposes, terms, and the other circumstances of the trust, and with the requirements of this chapter.

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Terms Used In Massachusetts General Laws ch. 203C sec. 5

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Trustee: A person or institution holding and administering property in trust.
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