N.D. Cent. Code § 59-16.1-11

Current through 2024 Legislative Session

Section 59-16.1-11 - Subsequently discovered assets

Unless the authorized trustee provides otherwise:

1. The appointment of all the assets comprising the principal of the invaded trust to an appointed trust must include subsequently discovered assets of the invaded trust and undistributed principal of the invaded trust acquired after the appointment to the appointed trust; and

2. The appointment of part but not all of the assets comprising the principal of the invaded trust to an appointed trust may not include subsequently discovered assets belonging to the invaded trust and principal paid to or acquired by the invaded trust after the appointment to the appointed trust. These assets must remain the assets of the invaded trust.

N.D.C.C. § 59-16.1-11

Added by S.L. 2017, ch. 416 (HB 1228),§ 8, eff. 8/1/2017.