Section 55-1A-39 – Disclaimer of powers by trustee–Time limit.
55-1A-39. Disclaimer of powers by trustee–Time limit. Any power granted to a trustee in any written trust instrument may be disclaimed by that trustee in the manner provided by law for disclaimers, but without regard to the time limits provided by law for disclaimers. Upon such disclaimer, the powers so disclaimed shall cease to exist […]
Section 55-1A-40 – Trust name change.
55-1A-40. Trust name change. A trustee may change the name of an irrevocable trust if the trustee deems such action to be in the best interests of the trust and its beneficiaries. Source: SL 2011, ch 212, §13.
Section 55-1A-41 – Co-trustee appointment–Powers.
55-1A-41. Co-trustee appointment–Powers. Unless specifically restricted by the governing instrument, a trustee may appoint an individual or a corporate fiduciary as a co-trustee. The appointed co-trustee may serve only as long as the appointing trustee serves, or as long as the last to serve if more than one trustee appointed the co-trustee. The appointed co-trustee […]
Section 55-1A-28 – Creation of reserves.
55-1A-28. Creation of reserves. A trustee may create reserves out of income for depreciation, obsolescence, or amortization, or for the depletion of mineral or timber properties. Source: SL 1979, ch 336, §28.
Section 55-1A-29 – Payment of sum distributable to minor or other beneficiary under legal disability–Methods.
55-1A-29. Payment of sum distributable to minor or other beneficiary under legal disability–Methods. A trustee may make payment of any sum distributable to a minor or other beneficiary under legal disability, without liability to himself, by paying the sum in any one or more of the following ways: (1)Directly to the beneficiary; (2)To the conservator […]
Section 55-1A-30 – Distribution of property and money.
55-1A-30. Distribution of property and money. A trustee may effect distribution of property and money in divided or undivided interests, and adjust the resulting differences in valuation. Source: SL 1979, ch 336, §30.
Section 55-1A-31 – Employment of agents and assistants.
55-1A-31. Employment of agents and assistants. A trustee may employ attorneys, accountants, investment advisors, agents or other persons, even if they are associated with himself, to advise or assist himself in the performance of his duties; act without independent investigation upon their recommendations; and instead of acting personally, employ one or more agents to perform […]
Section 55-1A-32 – Prosecution or defense of actions and proceedings.
55-1A-32. Prosecution or defense of actions and proceedings. A trustee may prosecute or defend actions, claims or proceedings for the protection of trust assets or of the trustee in the performance of the trustee’s duties. However, a trustee has no duty to prosecute, or to defend or continue to defend the trust or its assets […]
Section 55-1A-32.1 – Trustee immunity from liability for failure to prosecute, defend, or continue to defend.
55-1A-32.1. Trustee immunity from liability for failure to prosecute, defend, or continue to defend. If the trustee fails to prosecute, defend, or continue to defend the trust or its assets because the conditions set forth in subdivision 55-1A-32(1) or (2) have not been fulfilled, the trustee is not liable for any such failure even if […]
Section 55-1A-33 – Advance of income or loan to beneficiary–Lien.
55-1A-33. Advance of income or loan to beneficiary–Lien. A trustee may advance income or make loans out of trust property to a beneficiary on terms and conditions the trustee considers to be fair and reasonable under the circumstances, for which such advance or loan the trustee shall have a lien on the future benefits of […]