Maine § 18-B §1210 Decanting power under expanded distributive discretion

Maine Statutes

§ 18-B §1210 — Decanting power under expanded distributive discretion

Maine·Title 18-B TRUSTS·Part 1 MAINE UNIFORM TRUST CODE·Ch. 12 MAINE UNIFORM TRUST DECANTING ACT

1.Definitions. As used in this section, unless the context otherwise indicates, the following terms have the following meanings.

2.Expanded distributive discretion over principal. Subject to subsection 3 and section 1213, an authorized fiduciary that has expanded distributive discretion over the principal of a first trust for the benefit of one or more current beneficiaries may exercise the decanting power over the principal of the first trust.

3.Restrictions on 2nd trust. Subject to section 1212, in an exercise of the decanting power under this section, a 2nd trust may not:

4.Permitted 2nd trust. Subject to subsection 3, paragraph C and section 1213, in an exercise of the decanting power under this section, a 2nd trust may be a trust created or administered under the law of any jurisd

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1.
Definitions.
As used in this section, unless the context otherwise indicates, the following terms have the following meanings.
2.
Expanded distributive discretion over principal.
Subject to subsection 3 and section 1213, an authorized fiduciary that has expanded distributive discretion over the principal of a first trust for the benefit of one or more current beneficiaries may exercise the decanting power over the principal of the first trust.
3.
Restrictions on 2nd trust.
Subject to section 1212, in an exercise of the decanting power under this section, a 2nd trust may not:
4.
Permitted 2nd trust.
Subject to subsection 3, paragraph C and section 1213, in an exercise of the decanting power under this section, a 2nd trust may be a trust created or administered under the law of any jurisdiction and may:
5.
Power of appointment; permissible appointees.
A power of appointment described in subsection 4, paragraphs A to D may be general or nongeneral. The class of permissible appointees in favor of which the power may be exercised may be broader than or different from the class of beneficiaries of the first trust.
6.
Expanded distributive discretion over part of principal.
If an authorized fiduciary has expanded distributive discretion over part but not all of the principal of a first trust, the fiduciary may exercise the decanting power under this section over that part of the principal over which the authorized fiduciary has expanded distributive discretion.

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