§60-1203. Scope and application.

206 words·~1 min read·/ok/title-60-property/60-1203

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

A. This act applies to a trust, whenever created, that has its principal place of administration in this state and is subject to the following rules:

1. If the trust was created before the effective date of this act, this act applies only to a decision or action occurring on or after the effective date of this act; and

2. If the principal place of administration of the trust is changed to this state on or after the effective date of this act, this act applies only to a decision or action occurring on or after the date of the change.

B. Without precluding other means to establish a sufficient connection with the designated jurisdiction in a directed trust, the terms of the trust which designate the principal place of administration of the trust are valid and controlling if:

1. A trustee's principal place of business is located in or a trustee is a resident of the designated jurisdiction;

2. A trust director's principal place of business is located in or a trust director is a resident of the designated jurisdiction; or

3. All or part of the administration occurs in the designated jurisdiction. Added by Laws 2024, c. 369, § 4, eff. Nov. 1, 2024.