Trustee buying from or selling to self or affiliate.
1. Except as otherwise provided in subsection 2, no trustee may directly or indirectly buy or sell any property for the trust from or to itself or an affiliate, or from or to a director, officer or employee of the trustee or of an affiliate, or from or to a relative, employer, partner or other business associate of a trustee, except with the prior approval of the court having jurisdiction of the trust estate.
2. If authorized by the trust instrument or consented to by all beneficiaries of the trust, a corporate trustee may directly or indirectly buy or sell any property, other than real property, for the trust from or to itself or an affiliate, or from or to a director, officer or employee of the trustee or of an affiliate, or from or to a relative, employer, partner or other business associate of the trustee.
Last modified: February 25, 2006