Minn. Stat. ch. 501C – Trusts | Midpage

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Minnesota Statutes

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Chapter 501C

Minn. Stat. ch. 501C

Trusts

501C.0101Short Title 501C.0102Scope 501C.0103Definitions 501C.0104Knowledge 501C.0105Default and Mandatory Rules 501C.0106Common Law of Trusts; Principles of Equity 501C.0107Governing Law 501C.0108Principal Place of Administration 501C.0109Methods and Waiver of Nonjudicial Notice 501C.0110Others Treated as Qualified Beneficiaries 501C.0111Nonjudicial Settlement Agreements 501C.0112Rules of Construction 501C.0201Role of Court in Administration of Trust and Nature of Judicial Proceeding 501C.0202Subject Matter of Judicial Proceedings 501C.0203Order for Hearing and Notice 501C.0204Order and Appeal 501C.0205Court-supervised Trusts 501C.0206Personal Jurisdiction over Trustee and Beneficiary 501C.0207Venue 501C.0208Application 501C.0301Representation: Basic Effect 501C.0302Representation by Holder of a Power of Appointment 501C.0303Representation by Fiduciaries and Parents 501C.0304Representation by Person Having Substantially Identical Interest 501C.0305Representation by Court; Appointment of Representative 501C.0401Methods of Creating Trust 501C.0402Requirements for Creation 501C.0403Trusts Created in Other Jurisdictions 501C.0404Trust Purposes 501C.0406Creation of Trust Induced by Fraud, Duress, or Undue Influence 501C.0407Evidence of Oral Trust 501C.0408Trust for Care of Animal 501C.0409Noncharitable Trust Without Ascertainable Beneficiary 501C.0410Modification or Termination of Trust; Proceedings for Approval or Disapproval 501C.0411Modification or Termination of Noncharitable Irrevocable Trust by Consent 501C.0412Modification or Termination Because of Unanticipated Circumstances or Inability to Administer Trust Effectively 501C.0414Modification or Termination of Uneconomic Trust 501C.0415Reformation to Correct Mistakes 501C.0416Modification to Achieve Settlor's Tax Objectives 501C.0417Combination and Division of Trusts 501C.0502Spendthrift Provision 501C.0504Right to Compel Distribution 501C.0505Creditor's Claim Against Settlor 501C.0506Overdue Distribution 501C.0507Personal Obligations of Trustee 501C.0601Capacity of Settlor of Revocable Trust 501C.0602Revocation or Amendment of Revocable Trust 501C.0603Written Statement Regarding Tangible Personal Property 501C.0604Settlor's Powers 501C.0605Limitation on Action Contesting Validity of Revocable Trust; Distribution of Trust Property 501C.0701Accepting or Declining Trusteeship 501C.0702Trustee's Bond 501C.0703Cotrustees 501C.0704Vacancy in Trusteeship; Appointment of Successor 501C.0705Resignation of Trustee 501C.0706Removal of Trustee 501C.0707Delivery of Property by Former Trustee 501C.0708Compensation of Trustee 501C.0709Reimbursement of Expenses 501C.0801Duty to Administer Trust 501C.0802Duty of Loyalty 501C.0803Impartiality 501C.0804Prudent Administration 501C.0807Delegation by Trustee 501C.0808Directed Trusts 501C.0809Control, Protection, and Delivery of Trust Property 501C.0810Record Keeping and Identification of Trust Property 501C.0811Enforcement and Defense of Claims 501C.0813Duty to Inform and Report 501C.0814Discretionary Powers; Tax Savings 501C.0815General Powers of Trustee 501C.0816Specific Powers of Trustee 501C.0817Distribution upon Termination 501C.0901Investment and Management of Trust Assets 501C.1001Remedies for Breach of Trust 501C.1002Damages for Breach of Trust 501C.1003Remedies in Absence of Breach 501C.1004Attorney Fees and Costs 501C.1005Limitation of Action Against Trustee 501C.1006Reliance on Trust Instrument 501C.1007Event Affecting Administration or Distribution 501C.1008Exculpation of Trustee 501C.1009Beneficiary's Consent, Release, or Ratification 501C.1010Limitation on Personal Liability of Trustee 501C.1011Interest as General Partner 501C.1012Protection of Person Dealing with Trustee 501C.1013Certificate of Trust 501C.1014Affidavit of Trustee in Real Property Transactions 501C.1101Definitions 501C.1102Duty of Trustee as to Receipts and Expenditure 501C.1103Income; Principal; Charges 501C.1104When Right to Income Arises; Apportionment of Income 501C.1105Income Earned During Administration of a Decedent's Estate 501C.1106Entity Distributions 501C.1107Bond Premium and Discount 501C.1108Sole Proprietorships 501C.1109Disposition of Natural Resources 501C.1110Timber 501C.1111Annuities, Qualified and Nonqualified Employee Compensation, Retirement Plans and Other Property Subject to Depletion 501C.1112Trustee's Power to Adjust 501C.1113Charges Against Income and Principal 501C.1114Nontrust Estates 501C.1115Application 501C.1116Ascertainment of Income or Principal 501C.1117Uniformity of Interpretation 501C.1118Short Title 501C.1201Memorial Fund 501C.1202Suspension of the Power of Alienation 501C.1203Trusts Forming Part of Retirement Plans for Participating Members 501C.1204Trusts Not Affected 501C.1205Trust Provisions Linked to Public Assistance Eligibility; Supplemental Needs Trusts 501C.1206MS 2020 [Repealed, 2022 c 98 art 2 s 16]501C.1207Effect of Dissolution of Marriage 501C.1208Settlor and Agents of Settlor 501C.1301Uniformity of Application and Construction 501C.1302Electronic Records and Signatures 501C.1303Severability 501C.1304Application to Existing Relationships