Section 603 - Settlor's powers; powers of withdrawal1.Revocable trust. To the extent a trust is revocable, rights of the beneficiaries are subject to the control of, and the duties of the trustee are owed exclusively to, the settlor.[2019, c. 301, §3(AMD).]
2.Rights of settlor of revocable trust. During the period the power may be exercised, the holder of a power of withdrawal has the rights of a settlor of a revocable trust under this section to the extent of the property subject to the power.[2003, c. 618, Pt. A, §1(NEW); 2003, c. 618, Pt. A, §2(AFF).]
3.Revocable trust; direction of settlor. To the extent a trust is revocable by the settlor, the trustee may follow a direction of the settlor that is contrary to the terms of the trust. To the extent a trust is revocable by the settlor in conjunction with a person other than the trustee or person holding an adverse interest, the trustee may follow a direction of the settlor and the other person holding the power to revoke even if the direction is contrary to the terms of the trust.[2019, c. 301, §4(NEW).]
Amended by 2019, c. 301,§ 4, eff. 9/19/2019.Amended by 2019, c. 301,§ 3, eff. 9/19/2019.2003, c. 618, §A1 (NEW) . 2003, c. 618, §A2 (AFF) . 2005, c. 184, § 13 (AMD) .