Maine Revised Statutes

Me. Rev. Stat. tit. 18-A, § 7-302 (2026)

Trustee's standard of care and performance; fiduciary investments authorized

✓ current as of May 2026

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(REPEALED)

SECTION HISTORY

PL 1979, c. 540, §1 (NEW). RR 1993, c. 1, §41 (COR). PL 1995, c. 525, §2 (RPR). PL 1995, c. 525, §4 (AFF). PL 2003, c. 618, §B11 (RP). PL 2003, c. 618, §B20 (AFF). PL 2019, c. 417, Pt. B, §14 (AFF).

Notes of Decisions

Cited in 10 cases, 1982–2014 · leading case: Noveletsky v. Metro. Life Ins., 49 F. Supp. 3d 123 (D. Me. 2014).

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Noveletsky v. Metro. Life Ins., 49 F. Supp. 3d 123 (D. Me. 2014). · cites it 5× “§ 7-404(b) (1981) (providing that trustees lack the power to engage in self-interested transactions absent court authorization, except as provided under certain exceptions); 18-A M.R.S.A. § 7-302 (1981) (codifying the duty of prudence); 18-A M.”

Est. of Wilde, 1998 ME 55 (Me. 1998). · cites it 2× “See 18-A M.R.S.A. § 7-302 (1998). Although not controlling in this action, see P.”

Est. of Dineen, 904 A.2d 417 (Me. 2006). “Title 18-A M.R.S.A. § 7-302 (1998) was repealed by P.”

Est. of Baldwin, 442 A.2d 529 (Me. 1982). “” 18-A M.R.S.A. § 7-302(a) (1981), made applicable to personal representatives by id.”

Est. of Tessier, 468 A.2d 590 (Me. 1983). “18-A M.R.S.A. § 7-302(a). This standard of care is made applicable to personal representatives, which include executors and administrators.”

Est. of Voignier, 609 A.2d 704 (Me. 1992). “§ 3-703(a) (1981); see 18-A M.R.S.A. § 7-302 (1981) (trustee “shall observe the standards in dealing with the trust assets that would be observed by a prudent person dealing with the property of another.”

Est. of Bonin, 457 A.2d 1123 (Me. 1983). “Although decided under the old probate code, Baldwin adopted the “prudent person” standard that is now codified in 18-A M.R.S.A. § 7-302(a) (1981) and made applicable to personal representatives by 18-A M.”

In Re Est. of Johnson, 2001 ME 39 (Me. 2001). “The court reasoned that the Florida wrongful death statute would have applied if Bruce had brought a court action, but the settlement proceeds were directed to the Estate and became property of the Estate; that Bruce, as the personal representative, had the duty of observing the…”

Daigle v. Nw. Trailer Park P'ship (Me. Super. Ct 2002). · cites it 3× “” However, “[t]he prudent investor rule may be expanded, restricted, eliminated or otherwise altered by the provisions of a trust.”

Ricci v. Terry (Me. Super. Ct 2004). “See 18-A M.R.S.A. § 7-302. Defendant’s motion for summary judgment as to this count is therefore GRANTED.”

— Me. Rev. Stat. tit. 18-A, § 7-302(a) — 5 cases

Est. of Baldwin, 442 A.2d 529 (Me. 1982). “” 18-A M.R.S.A. § 7-302(a) (1981), made applicable to personal representatives by id.”

Est. of Tessier, 468 A.2d 590 (Me. 1983). “18-A M.R.S.A. § 7-302(a). This standard of care is made applicable to personal representatives, which include executors and administrators.”

Est. of Wilde, 1998 ME 55 (Me. 1998). “See 18-A M.R.S.A. § 7-302 (1998). Although not controlling in this action, see P.”

Daigle v. Nw. Trailer Park P'ship (Me. Super. Ct 2002). “” However, “[t]he prudent investor rule may be expanded, restricted, eliminated or otherwise altered by the provisions of a trust.”

— Me. Rev. Stat. tit. 18-A, § 7-302(e) — 1 case

Noveletsky v. Metro. Life Ins., 49 F. Supp. 3d 123 (D. Me. 2014). “§ 7-404(b) (1981) (providing that trustees lack the power to engage in self-interested transactions absent court authorization, except as provided under certain exceptions); 18-A M.R.S.A. § 7-302 (1981) (codifying the duty of prudence); 18-A M.”

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