| | | 7.__Act in best interests of beneficiaries.__In voting shares | | of stock or in exercising powers of control over similar | | interests in other forms of enterprise, the trustee shall act in | | the best interests of the beneficiaries. If the trust is the sole | | owner of a corporation or other form of enterprise, the trustee | | shall elect or appoint directors or other managers who will | | manage the corporation or enterprise in the best interests of the | | beneficiaries. |
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| | | 8.__Transactions not precluded.__This section does not | | preclude the following transactions, if fair to the | | beneficiaries: |
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| | | A.__An agreement between a trustee and a beneficiary | | relating to the appointment or compensation of the trustee; |
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| | | B.__Payment of reasonable compensation to the trustee; |
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| | | C.__A transaction between a trust and another trust or a | | decedent's estate, a conservatorship or a guardianship of | | which the trustee is a fiduciary or in which a beneficiary | | has an interest; |
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| | | D.__A deposit of trust money in a regulated financial | | service institution operated by the trustee; or |
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| | | E.__An advance by the trustee of money for the protection of | | the trust. |
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| | | 9.__Appointment of special fiduciary.__The court may appoint a | | special fiduciary to make a decision with respect to any proposed | | transaction that might violate this section if entered into by | | the trustee. |
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| | | If a trust has 2 or more beneficiaries, the trustee shall act | | impartially in investing, managing and distributing the trust | | property, giving due regard to the beneficiaries' respective | | interests. |
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| | | §804.__Prudent administration |
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| | | A trustee shall administer the trust as a prudent person | | would, by considering the purposes, terms, distributional | | requirements and other circumstances of the trust.__In satisfying | | this standard, the trustee shall exercise reasonable care, skill | | and caution. |
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| | | §805.__Costs of administration |
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