Maine Revised Statutes
Chapter 4: CREATION, VALIDITY, MODIFICATION AND TERMINATION OF TRUST
18-B §414. Modification or termination of uneconomic trust

§414. Modification or termination of uneconomic trust
1.  Termination by trustee after notice.  After notice to the qualified beneficiaries, the trustee of a trust consisting of trust property having a total value less than $100,000 may terminate the trust if the trustee concludes that the value of the trust property is insufficient to justify the cost of administration.  
[PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
2.  Modification, termination, new trustee by court.  The court may modify or terminate a trust or remove the trustee and appoint a different trustee if it determines that the value of the trust property is insufficient to justify the cost of administration.  
[PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
3.  Distribution after termination.  Upon termination of a trust under this section, the trustee shall distribute the trust property in a manner consistent with the purposes of the trust.  
[PL 2003, c. 618, Pt. A, §1 (NEW); PL 2003, c. 618, Pt. A, §2 (AFF).]
4.  Easement for conservation or preservation.  This section does not apply to an easement for conservation or preservation.  
[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).

Structure Maine Revised Statutes