59-16.3-03. Interested trustee's authority over actions enumerated in chapter 59-16.3.
125 words·~1 min read·
/nd/title-59/chapter-59-16-3-total-return-unitrusts/59-16-3-03·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
If there is not a trustee of the trust other than an interested trustee, the interested trustee, or if two or more persons are acting as trustee and are interested trustees, a majority of those interested trustees, without the approval of a court, may take such action as provided in so long as the trustee appoints a disinterested person who, in its sole discretion, but acting in a fiduciary capacity, determines for the trustee:
1. The percentage to be used to calculate the unitrust amount;
2. The method to be used in determining the fair market value of the trust;
3. Which assets, if any, are to be excluded in determining the unitrust amount; and
4. Complies with subsections 1 through 4 of section 59-16.3-02.