2013 Maine Revised Statutes
TITLE 18-B: TRUSTS
Chapter 9: MAINE UNIFORM PRUDENT INVESTOR ACT
18-B §901. Prudent investor rule
Part 1: MAINE UNIFORM TRUST CODE HEADING: PL 2003, C. 618, PT. A, §1 (NEW); §2 (AFF) EFFECTIVE 7/1/05
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) .]
SECTION HISTORY
2003, c. 618, A1 (NEW). 2003, c. 618, A2 (AFF).
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