Minnesota Statutes
Chapters 500 - 515B — Property And Property Interests
Chapter 501C — Trusts

Section 501C.0201 — Role Of Court In Administration Of Trust And Nature Of Judicial Proceeding. - (a) An interested person may petition the district court and...

Section 501C.0202 — Subject Matter Of Judicial Proceedings. - A judicial proceeding involving a trust may relate to one...

Section 501C.0203 — Order For Hearing And Notice. - Subdivision 1. In rem judicial proceedings. Upon the filing of...

Section 501C.0204 — Order And Appeal. - Subdivision 1. In rem judicial proceedings. Upon the hearing of...

Section 501C.0205 — Court-supervised Trusts. - (a) A person appointed as trustee of a trust or...

Section 501C.0206 — Personal Jurisdiction Over Trustee And Beneficiary. - (a) By accepting the trusteeship of a trust having its...

Section 501C.0207 — Venue. - (a) Except as otherwise provided in paragraph (b), venue for...

Section 501C.0208 — Application. - Sections 501C.0201 to 501C.0207 do not limit or abridge the...

Section 501C.0301 — Representation: Basic Effect. - (a) Notice to a person who may represent and bind...

Section 501C.0302 — Representation By Holder Of A General Power. - For purposes of giving notice, waiving notice, initiating a proceeding,...

Section 501C.0303 — Representation By Fiduciaries And Parents. - (a) To the extent there is no conflict of interest...

Section 501C.0304 — Representation By Person Having Substantially Identical Interest. - Unless otherwise represented under section 501C.0302, 501C.0303, or 501C.0305, a...

Section 501C.0305 — Representation By Court; Appointment Of Representative. - (a) In any in rem proceeding, if a person with...

Section 501C.0401 — Methods Of Creating Trust. - (a) A trust may be created by: (1) transfer of...

Section 501C.0402 — Requirements For Creation. - (a) A trust is created only if: (1) the settlor...

Section 501C.0403 — Trusts Created In Other Jurisdictions. - A trust not created by will is validly created if...

Section 501C.0404 — Trust Purposes. - A trust may be created only to the extent its...

Section 501C.0406 — Creation Of Trust Induced By Fraud, Duress, Or Undue Influence. - A trust is void to the extent its creation was...

Section 501C.0407 — Evidence Of Oral Trust. - The formal expression of intent to create a trust can...

Section 501C.0408 — Trust For Care Of Animal. - Subdivision 1. Creation of an animal trust authorized; termination. A...

Section 501C.0409 — Noncharitable Trust Without Ascertainable Beneficiary. - Except as otherwise provided in section 501C.0408 or by another...

Section 501C.0410 — Modification Or Termination Of Trust; Proceedings For Approval Or Disapproval. - (a) In addition to the methods of termination prescribed by...

Section 501C.0411 — Modification Or Termination Of Noncharitable Irrevocable Trust By Consent. - (a) A noncharitable irrevocable trust may be modified or terminated...

Section 501C.0412 — Modification Or Termination Because Of Unanticipated Circumstances Or Inability To Administer Trust Effectively. - (a) The court may modify the administrative or dispositive terms...

Section 501C.0414 — Modification Or Termination Of Uneconomic Trust. - (a) After notice to the qualified beneficiaries, the trustee of...

Section 501C.0415 — Reformation To Correct Mistakes. - The court may reform the terms of a trust, even...

Section 501C.0416 — Modification To Achieve Settlor's Tax Objectives. - To achieve settlor's tax objectives, the court may modify the...

Section 501C.0417 — Combination And Division Of Trusts. - After notice to the qualified beneficiaries, a trustee may combine...

Section 501C.0502 — Spendthrift Provision. - (a) A trust has a valid spendthrift provision if: (1)...

Section 501C.0504 — Right To Compel Distribution. - (a) Whether or not a trust contains a spendthrift provision,...

Section 501C.0505 — Creditor's Claim Against Settlor. - Whether or not the terms of a trust contain a...

Section 501C.0506 — Overdue Distribution. - (a) In this section, "mandatory distribution" means a distribution of...

Section 501C.0507 — Personal Obligations Of Trustee. - Trust property is not subject to personal obligations of the...

Section 501C.0601 — Capacity Of Settlor Of Revocable Trust. - The capacity required to create, amend, or revoke a revocable...

Section 501C.0602 — Revocation Or Amendment Of Revocable Trust. - (a) Unless the terms of a trust expressly provide that...

Section 501C.0603 — Written Statement Regarding Tangible Personal Property. - A revocable trust may be amended by a written statement...

Section 501C.0604 — Settlor's Powers. - While a trust is revocable, rights of the beneficiaries are...

Section 501C.0605 — Limitation On Action Contesting Validity Of Revocable Trust; Distribution Of Trust Property. - (a) A person may commence a judicial proceeding to contest...

Section 501C.0701 — Accepting Or Declining Trusteeship. - (a) Except as otherwise provided in paragraph (c), a person...

Section 501C.0702 — Trustee's Bond. - (a) A trustee shall give bond to secure performance of...

Section 501C.0703 — Cotrustees. - (a) Cotrustees who are unable to reach a unanimous decision...

Section 501C.0704 — Vacancy In Trusteeship; Appointment Of Successor. - (a) A vacancy in the trusteeship occurs if: (1) a...

Section 501C.0705 — Resignation Of Trustee. - (a) A trustee may resign: (1) upon notice to the...

Section 501C.0706 — Removal Of Trustee. - (a) The settlor, a cotrustee, or a beneficiary may petition...

Section 501C.0707 — Delivery Of Property By Former Trustee. - (a) Unless a cotrustee remains in office or the court...

Section 501C.0708 — Compensation Of Trustee. - (a) If the terms of a trust do not specify...

Section 501C.0709 — Reimbursement Of Expenses. - (a) A trustee is entitled to be reimbursed out of...

Section 501C.0801 — Duty To Administer Trust. - Upon acceptance of a trusteeship, the trustee shall administer the...

Section 501C.0802 — Duty Of Loyalty. - (a) A trustee owes a duty of loyalty to the...

Section 501C.0803 — Impartiality. - If a trust has two or more beneficiaries, the trustee...

Section 501C.0804 — Prudent Administration. - A trustee shall administer the trust as a prudent person...

Section 501C.0807 — Delegation By Trustee. - (a) A trustee may delegate to any person, even if...

Section 501C.0808 — Directed Trusts. - Subdivision 1. Definitions. (a) The definitions in this section apply...

Section 501C.0809 — Control, Protection, And Delivery Of Trust Property. - (a) A trustee shall take reasonable steps to compel a...

Section 501C.0810 — Record Keeping And Identification Of Trust Property. - (a) A trustee shall keep adequate records of the administration...

Section 501C.0811 — Enforcement And Defense Of Claims. - (a) A trustee shall take reasonable steps to redress a...

Section 501C.0813 — Duty To Inform And Report. - (a) A trustee shall keep the qualified beneficiaries of an...

Section 501C.0814 — Discretionary Powers; Tax Savings. - (a) Notwithstanding the breadth of discretion granted to a trustee...

Section 501C.0815 — General Powers Of Trustee. - (a) A trustee, without authorization by the court, may exercise:...

Section 501C.0816 — Specific Powers Of Trustee. - Without limiting the authority conferred by section 501C.0815, a trustee...

Section 501C.0817 — Distribution Upon Termination. - (a) Upon termination or partial termination of a trust, the...

Section 501C.0901 — Investment And Management Of Trust Assets. - Subdivision 1. Prudent investor rule. (a) Except as otherwise provided...

Section 501C.1001 — Remedies For Breach Of Trust. - (a) A violation by a trustee of a duty the...

Section 501C.1002 — Damages For Breach Of Trust. - (a) A trustee who commits a breach of trust is...

Section 501C.1003 — Remedies In Absence Of Breach. - (a) A trustee is chargeable for any profit made by...

Section 501C.1004 — Attorney Fees And Costs. - In a judicial proceeding involving the administration of a trust,...

Section 501C.1005 — Limitation Of Action Against Trustee. - (a) A beneficiary may not commence a judicial proceeding against...

Section 501C.1006 — Reliance On Trust Instrument. - A trustee who acts in reasonable reliance on the terms...

Section 501C.1007 — Event Affecting Administration Or Distribution. - If the occurrence of an event, including marriage, divorce, performance...

Section 501C.1008 — Exculpation Of Trustee. - (a) The terms of a trust relieving a trustee of...

Section 501C.1009 — Beneficiary's Consent, Release, Or Ratification. - A beneficiary's consent to a trustee's conduct, release of the...

Section 501C.1010 — Limitation On Personal Liability Of Trustee. - (a) Except as otherwise provided in the contract, a trustee...

Section 501C.1011 — Interest As General Partner. - (a) Unless personal liability is imposed in the contract, a...

Section 501C.1012 — Protection Of Person Dealing With Trustee. - (a) A person other than a beneficiary who in good...

Section 501C.1013 — Certificate Of Trust. - Subdivision 1. Contents of certificate. The settlor or a trustee...

Section 501C.1014 — Affidavit Of Trustee In Real Property Transactions. - Subdivision 1. Form of affidavit for inter vivos trust. An...

Section 501C.1101 — Definitions. - Subdivision 1. Scope. The definitions in this section apply to...

Section 501C.1102 — Duty Of Trustee As To Receipts And Expenditure. - Subdivision 1. General rules of administration. A trust must be...

Section 501C.1103 — Income; Principal; Charges. - Subdivision 1. Income defined. "Income" means the return in money...

Section 501C.1104 — When Right To Income Arises; Apportionment Of Income. - Subdivision 1. General rule. An income beneficiary is entitled to...

Section 501C.1105 — Income Earned During Administration Of A Decedent's Estate. - Subdivision 1. Expenses. Unless a will provides otherwise and subject...

Section 501C.1106 — Entity Distributions. - Subdivision 1. Distribution of ownership interests; shares; stock splits; stock...

Section 501C.1107 — Bond Premium And Discount. - Subdivision 1. Principal. Bonds or other obligations for the payment...

Section 501C.1108 — Sole Proprietorships. - Subdivision 1. Separate account. (a) A trustee who conducts a...

Section 501C.1109 — Disposition Of Natural Resources. - Subdivision 1. Allocation of receipts. (a) If a part of...

Section 501C.1110 — Timber. - Subdivision 1. Net receipts. If a part of the principal...

Section 501C.1111 — Annuities, Qualified And Nonqualified Employee Compensation, Retirement Plans And Other Property Subject To Depletion. - Except as provided in sections 501C.1109 and 501C.1110, if part...

Section 501C.1112 — Trustee's Power To Adjust. - Subdivision 1. Power to adjust. A trustee may adjust between...

Section 501C.1113 — Charges Against Income And Principal. - Subdivision 1. Income. The following charges must be made against...

Section 501C.1114 — Nontrust Estates. - Subdivision 1. Limitations. Sections 501C.1101 to 501C.1118 apply to nontrust...

Section 501C.1115 — Application. - Except as specifically provided in the governing instrument, Minnesota Statutes...

Section 501C.1116 — Ascertainment Of Income Or Principal. - Sections 501C.1101 to 501C.1118 do not govern the ascertainment of...

Section 501C.1117 — Uniformity Of Interpretation. - Sections 501C.1101 to 501C.1118 must be so construed as to...

Section 501C.1118 — Short Title. - Sections 501C.1101 to 501C.1117 may be cited as the Uniform...

Section 501C.1201 — Memorial Fund. - Subdivision 1. Establishment. A trust may be created for the...

Section 501C.1202 — Suspension Of The Power Of Alienation. - Subdivision 1. Suspension; exceptions. (a) The power of alienation is...

Section 501C.1203 — Trusts Forming Part Of Retirement Plans For Participating Members. - If a trust forms part of a retirement plan created...

Section 501C.1204 — Trusts Not Affected. - Notwithstanding other law to the contrary, a trust created before...

Section 501C.1205 — Trust Provisions Linked To Public Assistance Eligibility; Supplemental Needs Trusts. - Subdivision 1. Trusts containing limitations linked to eligibility for public...

Section 501C.1207 — Effect Of Dissolution Of Marriage. - Subdivision 1. Revocation of certain trust provisions. If after execution...

Section 501C.1208 — Settlor And Agents Of Settlor. - If a trust instrument reserves to the settlor, in a...

Section 501C.1301 — Uniformity Of Application And Construction. - In applying and construing sections 501C.0101 to 501C.1014, consideration must...

Section 501C.1302 — Electronic Records And Signatures. - The provisions of sections 501C.0101 to 501C.1208 governing the legal...

Section 501C.1303 — Severability. - If any provision located in sections 501C.0101 to 501C.1208 or...

Section 501C.1304 — Application To Existing Relationships. - (a) Except as otherwise provided in sections 501C.0101 to 501C.1208:...

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Minnesota Statutes Chapters 500 - 515B — Property And Property Interests Chapter 501C — Trusts

Minnesota Statutes
Chapters 500 - 515B — Property And Property Interests
Chapter 501C — Trusts