CHAPTER 571
H.P. 1633 - L.D. 2285
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 18-A MRSA §7-205, as enacted by PL 1979, c. 540, §1, is amended to read:
§7-205. Proceedings for review of employment of agents and review of compensation of trustee and employees of trust
On petition of an interested person, after notice to all interested persons, the court may review the propriety of employment of any person by a trustee including any attorney, auditor, investment advisor or other specialized agent or assistant, and the reasonableness of the compensation of any person so employed, and the reasonableness of the compensation determined by the trustee for his own the trustee's services. Any person who has received excessive compensation from a trust may be ordered to make appropriate refunds. The factors set forth in section 3-721, subsection (b) should be considered as guides in determining the reasonableness of fees under this section.
A percentage fee is allowable under this section only if the fee is reasonable. Among the factors the court may consider as guides in determining the reasonableness of fees under this section are the following:
(a) The time and labor required, the novelty and difficulty of the questions involved and the skill requisite to perform the service properly;
(b) The likelihood, if apparent to the trustee, that the acceptance of the particular employment will preclude the person employed from other employment;
(c) The fee customarily charged in the locality for similar services;
(d) The amount involved and the results obtained;
(e) The time limitations imposed by the trustee or by the circumstances; and
(f) The experience, reputation and ability of the person performing the services.
The order of the factors in the list under subsections (a) to (f) does not imply their relative importance.
Effective August 11, 2000, unless otherwise indicated.
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