75B-3-103. Application -- Principal place of administration.
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Effective 5/7/2025
75B-3-103. Application -- Principal place of administration.
(1)This chapter applies to a trust, whenever created, that has the trust's principal place of administration in this state, subject to the following rules:
(a)if the trust was created before May 14, 2019, this chapter applies only to a decision or action occurring on or after May 14, 2019; and
(b)if the principal place of administration of the trust is changed to this state on or after May 14, 2019, this chapter 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, the terms of the trust that designate the principal place of administration of the trust are valid and controlling if:
(a)a trustee's 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.
Renumbered and Amended by Chapter 310 , 2025 General Session