18-B §810. Record keeping and identification of trust property
Title 18-B: TRUSTS HEADING: PL 2003, C. 618, PT. A, §1 (NEW); §2 (AFF) EFFECTIVE 7/1/05
Part 1: MAINE UNIFORM TRUST CODE HEADING: PL 2003, C. 618, PT. A, §1 (NEW); §2 (AFF) EFFECTIVE 7/1/05
Chapter 8: DUTIES AND POWERS OF TRUSTEE HEADING: PL 2003, C. 618, PT. A, §1 (NEW); §2 (AFF) EFFECTIVE 7/1/05
§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.
[ 2003, c. 618, Pt. A, §1 (NEW); 2003, c. 618, Pt. A, §2 (AFF) .]
2. Separation of property. A trustee shall keep trust property separate from the trustee's own property.
[ 2003, c. 618, Pt. A, §1 (NEW); 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.
[ 2003, c. 618, Pt. A, §1 (NEW); 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.
[ 2003, c. 618, Pt. A, §1 (NEW); 2003, c. 618, Pt. A, §2 (AFF) .]
SECTION HISTORY
2003, c. 618, §A1 (NEW). 2003, c. 618, §A2 (AFF).