Minn. Stat. § 501C.0801 : PROPERTY AND PROPERTY INTERESTS —Chapter 501C —DUTIES AND POWERS OF TRUSTEE — DUTY TO ADMINISTER TRUST TEXT PDF Upon acceptance of a trusteeship, the trustee shall administer the trust in good faith, in accordance with its terms and purposes and the interests of the beneficiaries, and in accordance with this chapter and all other applicable law. Minn. Stat. § 501C.0801 2015 c 5 art 8 s 1 Added by 2015 Minn. Laws, ch. 5,s 8-1, eff. 1/1/2016.