Me. Stat. tit. 18-B § 901

Current through 131st (2023-2024) Legislature Chapter 684

Section 901 - Prudent investor rule

1.Duty to comply. Except as otherwise provided in section 902, a trustee who invests and manages trust assets owes a duty to the beneficiaries of the trust to comply with the prudent investor rule set forth in this chapter.

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

2.Altered by provisions of trust. The prudent investor rule may be expanded, restricted, eliminated or otherwise altered by the provisions of a trust. A trustee is not liable to a beneficiary to the extent that the trustee acted in reasonable reliance on the provisions of the trust.

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

18-B M.R.S. § 901

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