18-B §1205. Application; governing law
§1205. Application; governing law 1. This State. This Act applies to a trust that: A. Has its principal place of administration in this State, including a trust whose principal place of administration has been changed to this State; or [PL 2021, c. 235, §1 (NEW).] B. Provides by its trust instrument that it […]
18-B §1221. Savings provision
§1221. Savings provision 1. Second-trust instrument in part not in compliance. If exercise of the decanting power would be effective under this Act except for the 2nd-trust instrument’s partial noncompliance with this Act, the exercise of the decanting power is effective and the following applies with respect to the principal of the 2nd trust attributable […]
18-B §1206. Reasonable reliance
§1206. Reasonable reliance A trustee or other person that reasonably relies on the validity of a distribution of part or all of the property of a trust to another trust, or a modification of a trust, under this Act, a law of this State other than this Act or the law of another jurisdiction is […]
18-B §1207. Notice; exercise of decanting power
§1207. Notice; exercise of decanting power 1. Notice period. For purposes of this section, a notice period begins on the day notice is given under subsection 3 and ends 59 days after the day notice is given. [PL 2021, c. 235, §1 (NEW).] 2. Exercise without consent or approval. Except as otherwise provided in […]
18-B §1208. Court involvement
§1208. Court involvement 1. Application to court. On application of an authorized fiduciary, a person entitled to notice under section 1207, subsection 3, a beneficiary or, with respect to a charitable interest, the Attorney General, the court may: A. Provide instructions to the authorized fiduciary regarding whether a proposed exercise of the decanting power […]
18-B §1209. Formalities
§1209. Formalities An exercise of the decanting power must be made in a record signed by an authorized fiduciary. The signed record must, directly or by reference to the notice required by section 1207, identify the first trust and the 2nd trust or trusts and state the property of the first trust being distributed to […]
18-B §1210. Decanting power under expanded distributive discretion
§1210. Decanting power under expanded distributive discretion 1. Definitions. As used in this section, unless the context otherwise indicates, the following terms have the following meanings. A. “Noncontingent right” means a right that is not subject to the exercise of discretion or the occurrence of a specified event that is not certain to occur. […]
18-B §1211. Decanting power under limited distributive discretion
§1211. Decanting power under limited distributive discretion 1. Limited distributive discretion defined. For purposes of this section, “limited distributive discretion” means a discretionary power of distribution that is limited to an ascertainable standard or a reasonably definite standard. [PL 2021, c. 235, §1 (NEW).] 2. Limited distributive discretion over principal. An authorized fiduciary that […]
18-B §1212. Trust for beneficiary with disability
§1212. Trust for beneficiary with disability 1. Definitions. As used in this section, unless the context otherwise indicates, the following terms have the following meanings. A. “Beneficiary with a disability” means a beneficiary of a first trust who the special-needs fiduciary believes may qualify for governmental benefits based on disability, whether or not 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 […]