Chapter 501B — Supervision of Charitable Trusts and Trustees Act

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It includes trusts for religious, educational, … 501B.32 Private Foundations; Charitable Trusts; Split-interest Trusts Private foundations, charitable trusts, and split-interest trusts must follow specific rules to keep their tax-exempt … 501B.33 Citation Sections 501B.33 to 501B.45 are called the 'Supervision of Charitable Trusts and Trustees Act.' 501B.34 Charitable Trusts; Supervision by Attorney General The Minnesota Attorney General has the power to supervise charitable trusts and their trustees to make sure charitable … 501B.35 Definitions This section defines key terms used in the charitable trust supervision law, including 'charitable trust,' 'trustee,' … 501B.36 Registration and Reporting Trustees of charitable trusts must register with the Attorney General's office and file annual reports. The registration … 501B.37 Register of Trusts and Trustees The Attorney General maintains a public register of all charitable trusts and their trustees in Minnesota. 501B.38 Information Filing Charitable trust trustees must file information with the Attorney General including financial statements, changes in … 501B.39 Public Inspection of Records The Attorney General's records about charitable trusts are open to public inspection, except for information that is … 501B.40 Investigatory Powers of the Attorney General; Custodians to Furnish Copies of Records The Attorney General can investigate charitable trusts and require trustees and others holding charitable assets to … 501B.41 Breach of Trust; Proceedings to Secure Compliance If a charitable trust is being mismanaged, the Attorney General can bring court proceedings to require the trustee to … 501B.42 Contrary Provisions of Instrument Invalid A trust document cannot override the Attorney General's supervisory authority over charitable trusts. Any provision in a … 501B.43 Cost of Investigations and Proceedings; Registration and Filing Fees The Attorney General can recover the costs of investigating and prosecuting charitable trust violations. Charitable … 501B.44 Immunity of Charitable Trusts Charitable trusts have limited immunity from liability. This section defines the circumstances under which a charitable … 501B.45 Sale of Banks Owned by Charitable Trusts When a bank owned by a charitable trust is sold, special rules apply to ensure the charitable purpose is preserved and … 501B.46 Petition for Court Order to Sell, Mortgage, or Lease Real Property Held in Trust A trustee can petition the court for permission to sell, mortgage, or lease real property held in trust when the trust … 501B.47 Petition by Owner of Present or Future Interest for Court Order to Sell, Mortgage, or Lease Interests in Real Property Anyone who holds a present or future interest in real property (such as a life estate holder or remainder beneficiary) … 501B.48 When Petition May Be Granted The court may grant a petition to sell, mortgage, or lease trust or interest-held property when it is in the best … 501B.49 Notice of Hearing Before the court can rule on a petition to sell, mortgage, or lease trust property, proper notice must be given to all … 501B.50 Representation of Persons Who Are Unborn, Unascertained, Unknown, or Minors or Incapacitated Persons The court may appoint someone to represent people who are unborn, unascertained, unknown, or who are minors or … 501B.51 Order Upon Petition; Execution of Transaction After a hearing, the court can order the sale, mortgage, or lease of trust property and direct how the transaction … 501B.52 Report of Agreement for Confirmation After completing a sale, mortgage, or lease under a court order, the person who carried out the transaction must file a … 501B.53 Order of Confirmation; Contents and Subsequent Procedures; Distribution of Assets The court issues an order confirming the transaction, which specifies the details and how the proceeds should be … 501B.54 Legal Effect of Deed, Mortgage, or Lease Made Under Section 501b.53 A deed, mortgage, or lease made under a court order has the same legal effect as if all parties with interests in the … 501B.55 Date of Creation of Interests Affected by the Procedures in Sections 501b.46 to 501b.54 For determining the creation date of interests affected by court-ordered transactions under sections 501B.46 to 501B.54, … 501B.56 This section has been repealed or relocated. 501B.561 This section has been repealed or relocated. 501B.57 This section has been repealed or relocated. 501B.571 This section has been repealed or relocated. 501B.59 This section has been repealed or relocated. 501B.60 This section has been repealed or relocated. 501B.61 This section has been repealed or relocated. 501B.62 This section has been repealed or relocated. 501B.63 This section has been repealed or relocated. 501B.64 This section has been repealed or relocated. 501B.65 This section has been repealed or relocated. 501B.66 This section has been repealed or relocated. 501B.665 This section has been repealed or relocated. 501B.67 This section has been repealed or relocated. 501B.68 This section has been repealed or relocated. 501B.69 This section has been repealed or relocated. 501B.70 This section has been repealed or relocated. 501B.705 This section has been repealed or relocated. 501B.71 This section has been repealed or relocated. 501B.72 This section has been repealed or relocated. 501B.73 This section has been repealed or relocated. 501B.74 This section has been repealed or relocated. 501B.75 This section has been repealed or relocated. 501B.76 This section has been repealed or relocated. 501B.79 This section has been repealed or relocated. 501B.80 This section has been repealed or relocated. 501B.81 This section has been repealed or relocated. 501B.82 This section has been repealed or relocated. 501B.86 This section has been repealed or relocated. 501B.87 This section has been repealed or relocated. 501B.88 This section has been repealed or relocated. 501B.89 This section has been repealed or relocated. 501B.895 This section has been repealed or relocated. 501B.90 This section has been repealed or relocated.