72-40-103. Application -- principal place of administration.
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72-40-103 . Application -- principal place of administration.
(1)This part applies to a trust, whenever created, that has its principal place of administration in this state, subject to the following rules:
(a)if the trust was created before October 1, 2021, this part applies only to a decision or action occurring on or after October 1, 2021; and
(b)if the principal place of administration of the trust is changed to this state on or after October 1, 2021, this part applies only to a decision or action occurring on or after the date of the change.
(2)Without precluding other means to establish a sufficient connection with the designated jurisdiction in a directed trust, terms of the trust that designate the principal place of administration of the trust are valid and controlling if:
(a)a principal place of business is located in or a trustee is a resident of the designated jurisdiction;
(b)a trust director's principal place of business is located in or a trust director is a resident of the designated jurisdiction; or
(c)all or part of the administration occurs in the designated jurisdiction.