59-16.3-04. Trustee may petition court - Appointment of disinterested person.
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/nd/title-59/chapter-59-16-3-total-return-unitrusts/59-16-3-04·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
If a trustee desires to convert an income trust to a total return unitrust, reconvert a total return unitrust to an income trust, or change the percentage used to calculate the unitrust amount and the method used to determine the fair market value of the trust, but does not have the ability to, or elects not to do it under sections 59-16.3-02 and 59-16.3-03, or if the trustee receives a written objection within the applicable period, the trustee may petition the court for such order as the trustee deems appropriate.
If there is only one trustee of such trust and the trustee is an interested trustee, or if there are two or more trustees of such trust and a majority of them are interested trustees, the court, or on the petition of the trustee or trustees, or any person interested in the trust, may appoint a disinterested person who, acting in a fiduciary capacity, shall present the information to the court as is necessary to enable the court to make its determination.