18-B §1224. Settlor
§1224. Settlor 1. Settlor of first trust is settlor of 2nd trust. For purposes of the law of this State other than this Act and subject to subsection 2, a settlor of a first trust is deemed to be the settlor of the 2nd trust with respect to the portion of the principal of the […]
18-B §2111. No duty to monitor, inform or advise
§2111. No duty to monitor, inform or advise 1. Trustee. Unless the terms of a trust provide otherwise: A. A trustee does not have a duty to: (1) Monitor a trust director; or (2) Inform or give advice to a settlor, beneficiary, trustee or trust director concerning an instance in which the […]
18-B §1225. Later-discovered property
§1225. Later-discovered property 1. Distribution of all principal of first trust. Except as otherwise provided in subsection 3, if exercise of the decanting power was intended to distribute all the principal of the first trust to one or more 2nd trusts, later-discovered property belonging to the first trust and property paid to or acquired by […]
18-B §2112. Application to cotrustee
§2112. Application to cotrustee The terms of a trust may relieve a cotrustee from duty and liability with respect to another cotrustee’s exercise or nonexercise of a power of the other cotrustee to the same extent that in a directed trust a directed trustee is relieved from duty and liability with respect to a trust […]
18-B §1226. Obligations
§1226. Obligations A debt, liability or other obligation enforceable against property of a first trust is enforceable to the same extent against the property when held by the 2nd trust after exercise of the decanting power. [PL 2021, c. 235, §1 (NEW).] SECTION HISTORY PL 2021, c. 235, §1 (NEW).
18-B §1227. Uniformity of application and construction
§1227. Uniformity of application and construction In applying and construing this Act, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it. [PL 2021, c. 235, §1 (NEW).] SECTION HISTORY PL 2021, c. 235, §1 (NEW).
18-B §1228. Relation to Electronic Signatures in Global and National Commerce Act
§1228. Relation to Electronic Signatures in Global and National Commerce Act This Act modifies, limits or supersedes the Electronic Signatures in Global and National Commerce Act, 15 United States Code, Section 7001 et seq., but does not modify, limit or supersede 15 United States Code, Section 7001(c), or authorize electronic delivery of any of the […]
18-B §1213. Protection of charitable interest
§1213. Protection of charitable interest 1. Definitions. As used in this section, unless the context otherwise indicates, the following terms have the following meanings. A. “Determinable charitable interest” means a charitable interest that is a right to a mandatory distribution currently, periodically, on the occurrence of a specified event or after the passage of […]
18-B §1214. Trust limitation on decanting
§1214. Trust limitation on decanting 1. Decanting power prohibited. An authorized fiduciary may not exercise the decanting power to the extent the first-trust instrument expressly prohibits exercise of: A. The decanting power; or [PL 2021, c. 235, §1 (NEW).] B. A power granted by state law to the authorized fiduciary to distribute part […]
18-B §1215. Change in compensation
§1215. Change in compensation 1. Compensation specified. If a first-trust instrument specifies an authorized fiduciary’s compensation, the authorized fiduciary may not exercise the decanting power to increase the authorized fiduciary’s compensation above the specified compensation unless: A. All qualified beneficiaries of the 2nd trust consent to the increase in a signed record; or […]