18-B §1222. Trust for care of animal
§1222. Trust for care of animal 1. Definitions. As used in this section, unless the context otherwise indicates, the following terms have the following meanings. A. “Animal trust” means a trust or an interest in a trust created to provide for the care of one or more animals. [PL 2021, c. 235, §1 […]
18-B §1223. Terms of 2nd trust
§1223. Terms of 2nd trust A reference in this Title to a trust instrument or terms of the trust includes a 2nd-trust instrument and the terms of the 2nd trust. [PL 2021, c. 235, §1 (NEW).] SECTION HISTORY PL 2021, c. 235, §1 (NEW).
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 §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 §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 §1229. Effective date
§1229. Effective date This Act takes effect October 1, 2021. [PL 2021, c. 235, §1 (NEW).] Revisor’s Note: Notwithstanding the stated effective date of October 1, 2021 set forth in this section, PL 2021, chapter 235, which enacted this chapter, took effect on October 18, 2021, 90 days after the adjournment of the First […]
18-B §1217. Removal or replacement of authorized fiduciary
§1217. Removal or replacement of authorized fiduciary An authorized fiduciary may not exercise the decanting power to modify a provision in a first-trust instrument granting another person power to remove or replace the authorized fiduciary unless: [PL 2021, c. 235, §1 (NEW).] 1. Person holding power consents. The person holding the power to remove […]
18-B §1202. Definitions
§1202. Definitions As used in this Act, unless the context otherwise indicates, the following terms have the following meanings. [PL 2021, c. 235, §1 (NEW).] 1. Appointive property. “Appointive property” means the property or property interest subject to a power of appointment. [PL 2021, c. 235, §1 (NEW).] 2. Ascertainable standard. “Ascertainable standard” […]