N.D. Cent. Code § 59-16.3-03

Current through 2024 Legislative Session

Section 59-16.3-03 - Interested trustee's authority over actions enumerated in chapter 59-16.3

If there is not a trustee of the trust other than an interested trustee, the interested trustee, or if two or more persons are acting as trustee and are interested trustees, a majority of those interested trustees, without the approval of a court, may take such action as provided in so long as the trustee appoints a disinterested person who, in its sole discretion, but acting in a fiduciary capacity, determines for the trustee:

1. The percentage to be used to calculate the unitrust amount;

2. The method to be used in determining the fair market value of the trust;

3. Which assets, if any, are to be excluded in determining the unitrust amount; and

4. Complies with subsections 1 through 4 of section 59-16.3-02.

N.D.C.C. § 59-16.3-03

Added by S.L. 2017, ch. 416 (HB 1228),§ 10, eff. 8/1/2017.