LegalFix
Sign In

18-B §810. Record keeping and identification of trust property

18-B ME Rev Stat § 810 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

§810. Record keeping and identification of trust property

1.  Adequate records of administration.  A trustee shall keep adequate records of the administration of the trust.

[PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]

2.  Separation of property.  A trustee shall keep trust property separate from the trustee's own property.

[PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]

3.  Interest of trust, records.  Except as otherwise provided in subsection 4, a trustee not subject to federal or state banking regulation shall cause the trust property to be designated so that the interest of the trust, to the extent feasible, appears in records maintained by a party other than a trustee or beneficiary to whom the trustee has delivered the property.

[PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]

4.  Two or more trusts.  If the trustee maintains records clearly indicating the respective interests, a trustee may invest as a whole the property of 2 or more separate trusts.

[PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]

SECTION HISTORY

PL 2003, c. 618, §A1 (NEW). PL 2003, c. 618, §A2 (AFF).

Previous Section
18-B §809. Control and protection of trust property
Next Section
18-B §811. Enforcement and defense of claims