§ 1303.
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/vt/1303-2A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 1303. Application; principal place of administration
(a)Notwithstanding section 1204 of this title, this chapter applies to a trust, whenever created, that has its principal place of administration in this State, subject to the following rules:
(1)If the trust was created before the effective date of this chapter, this chapter applies only to a decision or action occurring on or after the effective date of this chapter.
(2)If the principal place of administration of the trust is changed to this State on or after the effective date of this chapter, this chapter 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, terms of the trust that 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 2023, No. 104 (Adj. Sess.), § 1, eff. May 13, 2024.)