Section 414 - Modification or termination of uneconomic trust1.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.[2003, c. 618, Pt. A, §1(NEW); 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.[2003, c. 618, Pt. A, §1(NEW); 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.[2003, c. 618, Pt. A, §1(NEW); 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.[2003, c. 618, Pt. A, §1(NEW); 2003, c. 618, Pt. A, §2(AFF).]
2003, c. 618, §A1 (NEW) . 2003, c. 618, §A2 (AFF) .