(a) A trustee, without authorization by the court, may exercise:
(1) powers conferred by the terms of the trust; and
(2) except as limited by the terms of the trust:
(i) all powers over the trust property which an unmarried competent owner has over individually owned property;
(ii) any other powers appropriate to achieve the proper investment, management, and distribution of the trust property; and
(iii) any other powers conferred by this chapter.
(b) The exercise of a power is subject to the fiduciary duties prescribed by this chapter.
2015 c 5 art 8 s 12
Structure Minnesota Statutes
Chapters 500 - 515B — Property And Property Interests
Section 501C.0101 — Short Title.
Section 501C.0103 — Definitions.
Section 501C.0104 — Knowledge.
Section 501C.0105 — Default And Mandatory Rules.
Section 501C.0106 — Common Law Of Trusts; Principles Of Equity.
Section 501C.0107 — Governing Law.
Section 501C.0108 — Principal Place Of Administration.
Section 501C.0109 — Methods And Waiver Of Nonjudicial Notice.
Section 501C.0110 — Others Treated As Qualified Beneficiaries.
Section 501C.0111 — Nonjudicial Settlement Agreements.
Section 501C.0112 — Rules Of Construction.
Section 501C.0201 — Role Of Court In Administration Of Trust And Nature Of Judicial Proceeding.
Section 501C.0202 — Subject Matter Of Judicial Proceedings.
Section 501C.0203 — Order For Hearing And Notice.
Section 501C.0204 — Order And Appeal.
Section 501C.0205 — Court-supervised Trusts.
Section 501C.0206 — Personal Jurisdiction Over Trustee And Beneficiary.
Section 501C.0208 — Application.
Section 501C.0301 — Representation: Basic Effect.
Section 501C.0302 — Representation By Holder Of A General Power.
Section 501C.0303 — Representation By Fiduciaries And Parents.
Section 501C.0304 — Representation By Person Having Substantially Identical Interest.
Section 501C.0305 — Representation By Court; Appointment Of Representative.
Section 501C.0401 — Methods Of Creating Trust.
Section 501C.0402 — Requirements For Creation.
Section 501C.0403 — Trusts Created In Other Jurisdictions.
Section 501C.0404 — Trust Purposes.
Section 501C.0406 — Creation Of Trust Induced By Fraud, Duress, Or Undue Influence.
Section 501C.0407 — Evidence Of Oral Trust.
Section 501C.0408 — Trust For Care Of Animal.
Section 501C.0409 — Noncharitable Trust Without Ascertainable Beneficiary.
Section 501C.0410 — Modification Or Termination Of Trust; Proceedings For Approval Or Disapproval.
Section 501C.0411 — Modification Or Termination Of Noncharitable Irrevocable Trust By Consent.
Section 501C.0414 — Modification Or Termination Of Uneconomic Trust.
Section 501C.0415 — Reformation To Correct Mistakes.
Section 501C.0416 — Modification To Achieve Settlor's Tax Objectives.
Section 501C.0417 — Combination And Division Of Trusts.
Section 501C.0502 — Spendthrift Provision.
Section 501C.0504 — Right To Compel Distribution.
Section 501C.0505 — Creditor's Claim Against Settlor.
Section 501C.0506 — Overdue Distribution.
Section 501C.0507 — Personal Obligations Of Trustee.
Section 501C.0601 — Capacity Of Settlor Of Revocable Trust.
Section 501C.0602 — Revocation Or Amendment Of Revocable Trust.
Section 501C.0603 — Written Statement Regarding Tangible Personal Property.
Section 501C.0604 — Settlor's Powers.
Section 501C.0701 — Accepting Or Declining Trusteeship.
Section 501C.0702 — Trustee's Bond.
Section 501C.0703 — Cotrustees.
Section 501C.0704 — Vacancy In Trusteeship; Appointment Of Successor.
Section 501C.0705 — Resignation Of Trustee.
Section 501C.0706 — Removal Of Trustee.
Section 501C.0707 — Delivery Of Property By Former Trustee.
Section 501C.0708 — Compensation Of Trustee.
Section 501C.0709 — Reimbursement Of Expenses.
Section 501C.0801 — Duty To Administer Trust.
Section 501C.0802 — Duty Of Loyalty.
Section 501C.0803 — Impartiality.
Section 501C.0804 — Prudent Administration.
Section 501C.0807 — Delegation By Trustee.
Section 501C.0808 — Directed Trusts.
Section 501C.0809 — Control, Protection, And Delivery Of Trust Property.
Section 501C.0810 — Record Keeping And Identification Of Trust Property.
Section 501C.0811 — Enforcement And Defense Of Claims.
Section 501C.0813 — Duty To Inform And Report.
Section 501C.0814 — Discretionary Powers; Tax Savings.
Section 501C.0815 — General Powers Of Trustee.
Section 501C.0816 — Specific Powers Of Trustee.
Section 501C.0817 — Distribution Upon Termination.
Section 501C.0901 — Investment And Management Of Trust Assets.
Section 501C.1001 — Remedies For Breach Of Trust.
Section 501C.1002 — Damages For Breach Of Trust.
Section 501C.1003 — Remedies In Absence Of Breach.
Section 501C.1004 — Attorney Fees And Costs.
Section 501C.1005 — Limitation Of Action Against Trustee.
Section 501C.1006 — Reliance On Trust Instrument.
Section 501C.1007 — Event Affecting Administration Or Distribution.
Section 501C.1008 — Exculpation Of Trustee.
Section 501C.1009 — Beneficiary's Consent, Release, Or Ratification.
Section 501C.1010 — Limitation On Personal Liability Of Trustee.
Section 501C.1011 — Interest As General Partner.
Section 501C.1012 — Protection Of Person Dealing With Trustee.
Section 501C.1013 — Certificate Of Trust.
Section 501C.1014 — Affidavit Of Trustee In Real Property Transactions.
Section 501C.1101 — Definitions.
Section 501C.1102 — Duty Of Trustee As To Receipts And Expenditure.
Section 501C.1103 — Income; Principal; Charges.
Section 501C.1104 — When Right To Income Arises; Apportionment Of Income.
Section 501C.1105 — Income Earned During Administration Of A Decedent's Estate.
Section 501C.1106 — Entity Distributions.
Section 501C.1107 — Bond Premium And Discount.
Section 501C.1108 — Sole Proprietorships.
Section 501C.1109 — Disposition Of Natural Resources.
Section 501C.1112 — Trustee's Power To Adjust.
Section 501C.1113 — Charges Against Income And Principal.
Section 501C.1114 — Nontrust Estates.
Section 501C.1115 — Application.
Section 501C.1116 — Ascertainment Of Income Or Principal.
Section 501C.1117 — Uniformity Of Interpretation.
Section 501C.1118 — Short Title.
Section 501C.1201 — Memorial Fund.
Section 501C.1202 — Suspension Of The Power Of Alienation.
Section 501C.1203 — Trusts Forming Part Of Retirement Plans For Participating Members.
Section 501C.1204 — Trusts Not Affected.
Section 501C.1207 — Effect Of Dissolution Of Marriage.
Section 501C.1208 — Settlor And Agents Of Settlor.
Section 501C.1301 — Uniformity Of Application And Construction.
Section 501C.1302 — Electronic Records And Signatures.