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beneficiaries are subject to the control of, and the duties of the | | trustee are owed exclusively to, the settlor. |
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| | | Sec. 14. 18-B MRSA §704, sub-§4, ¶B, as enacted by PL 2003, c. 618, Pt. | | A, §1 and affected by §2, is amended to read: |
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| | | B. By a person appointed by unanimous agreement of the | | charitable organizations expressly designated to receive | distributions under the terms of the trust if the Attorney | General concurs in the appointment |
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| | | Sec. 15. 18-B MRSA §802, sub-§§4 and 6, as enacted by PL 2003, c. 618, | | Pt. A, §1 and affected by §2, are amended to read: |
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| | | 4. Transaction between trustee and beneficiary. A | | transaction between a trustee and a beneficiary that does not | | concern trust property but that occurs during the existence of | | the trust or while the trustee retains significant influence over | | the beneficiary and from which the trustee obtains an advantage | | beyond the normal commercial advantage for such a transaction is | | voidable by the beneficiary unless the trustee establishes that | | the transaction was fair to the beneficiary. A transfer or | | obligation is not voidable under this section against a person | | who took property from the trustee in good faith for a reasonably | | equivalent value or against any subsequent transferee or obligee. |
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| | | 6. Investment. An investment by a trustee in securities of | | an investment company or investment trust to which the trustee, | | or its affiliate, provides services in a capacity other than as | | trustee is not presumed to be affected by a conflict between | | personal and fiduciary interests if the investment otherwise | | complies with the prudent investor rule of chapter 9. In | | addition to its compensation for acting as trustee, the trustee | | may be compensated by the investment company or investment trust | | for providing those services out of fees charged to the trust. | | If the trustee receives compensation from the investment company | | or investment trust for providing investment advisory or | | investment management services, the trustee at least annually | | shall notify the persons entitled under section 813 to receive a | | copy of the trustee's annual report of the rate and method by | | which that compensation was determined. |
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| | | Sec. 16. 18-B MRSA §813, sub-§5 is enacted to read: |
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| | | 5.__Applicable date.__Subsection 2, paragraphs B and C apply | | only to a trustee who accepts a trusteeship on or after July 1, | | 2005, to an irrevocable trust created on or after July 1, 2005 | | and to a revocable trust that becomes irrevocable on or after | | July 1, 2005. |
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