§ 74. Authority of trustee in administering trust funds. 1. Subject to subdivisions two and three of this section, the trustee is authorized to determine the order and manner of payment of any trust claims and to apply any trust asset to any purpose of the trust.
2. The authority of the trustee provided in this section shall terminate with respect to any trust assets as to which an order for distribution is made as provided in section seventy-seven and before the making of an order for distribution may be terminated or limited by order of the court pursuant to subdivision three of section seventy-seven.
3. This section does not limit the effect of any proceeding or order therein by which jurisdiction of the trust assets, or any of them, is vested in a court or by which a particular application of any asset or of all trust assets is enforced or directed.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal insurance products you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with access to legal services through a network of provider law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our provider law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your provider law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal insurance products, and access to the LegalFix network of provider law firms are subject to the LegalFix Terms of Service and Privacy Policy.
