19-3D-11
Section 19-3D-11 Decanting power under expanded distributive dicretion. (a) In this
section the following terms have the following meanings: (1) NONCONTINGENT RIGHT. A
right that is not subject to the exercise of discretion or the occurrence of a specified event
that is not certain to occur. The term does not include a right held by a beneficiary if any
person has discretion to distribute property subject to the right to any person other than
the beneficiary or the beneficiary's estate. (2) PRESUMPTIVE REMAINDER BENEFICIARY. A qualified
beneficiary other than a current beneficiary. (3) SUCCESSOR BENEFICIARY. A beneficiary that
is not a qualified beneficiary on the date the beneficiary's qualification is determined.
The term does not include a person that is a beneficiary only because the person holds a nongeneral
power of appointment. (4) VESTED INTEREST. (A) A right to a mandatory distribution that is
a noncontingent right as of the date of the exercise of the decanting power; (B) a...
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19-3D-2
Section 19-3D-2 THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018
REGULAR SESSION, EFFECTIVE JANUARY 1, 2019. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. DEFINITIONS.
In this chapter the following terms have the following meanings: (1) APPOINTIVE PROPERTY.
The property or property interest subject to a power of appointment. (2) ASCERTAINABLE STANDARD.
A standard relating to an individual's health, education, support, or maintenance within the
meaning of 26 U.S.C. Section 2041(b)(1)(A), as amended, or 26 U.S.C. Section
2514(c)(1), as amended, and any applicable regulations. (3) AUTHORIZED FIDUCIARY. (A) A trustee
or other fiduciary, other than a settlor, that has the discretion to distribute or direct
a trustee to distribute part or all of the principal of the first trust to one or more current
beneficiaries; (B) a special fiduciary appointed under Section 19-3D-9; or (C) a special-needs
fiduciary under Section 19-3D-13. (4) BENEFICIARY. A person that: (A) has a present
or...
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19-3D-7
Section 19-3D-7 THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018
REGULAR SESSION, EFFECTIVE JANUARY 1, 2019. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. NOTICE;
EXERCISE OF DECANTING POWER. (a) In this section, a notice period begins on the day
notice is given under subsection (c) and ends 59 days after the day notice is given. (b) Except
as otherwise provided in this chapter, an authorized fiduciary may exercise the decanting
power without the consent of any person and without court approval. (c) Except as otherwise
provided in subsection (f), an authorized fiduciary shall not exercise the decanting power
prior to 60 days after giving record notice of the intended exercise of the decanting power
to: (1) each settlor of the first trust, if living or then in existence; (2) each qualified
beneficiary of the first trust; (3) each holder of a presently exercisable power of appointment
over any part or all of the first trust; (4) each person that currently has the right to...

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19-3D-13
Section 19-3D-13 THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018
REGULAR SESSION, EFFECTIVE JANUARY 1, 2019. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. TRUST
FOR BENEFICIARY WITH DISABILITY. (a) In this section the following terms have the following
meanings: (1) BENEFICIARY WITH A DISABILITY. A beneficiary of a first trust who the authorized
fiduciary believes may qualify for governmental benefits based on disability, whether or not
the beneficiary currently receives those benefits or is an individual who has been adjudicated
incompetent or incapacitated. (2) GOVERNMENTAL BENEFITS. Financial aid or services from a
state, federal, or other public agency. (3) SPECIAL-NEEDS FIDUCIARY. With respect to a trust
that has a beneficiary with a disability: (A) a trustee or other fiduciary, other than a settlor,
that has discretion to distribute part or all of the principal of a first trust to one or
more current beneficiaries; (B) if no trustee or fiduciary has discretion under...
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19-3A-201
Section 19-3A-201 Determination and distribution of net income. After the decedent's
death, in the case of a decedent's estate, or after an income interest in a trust ends, the
following rules apply: (a) If property is specifically given to a beneficiary by will or by
trust, then the fiduciary of the decedent's estate or of the terminating income interest shall
distribute the net income and net principal receipts to the beneficiary who is to receive
the specifically given property, subject to the following rules: (1) The net income and principal
receipts from the specifically given property are determined by including all of the amounts
the fiduciary receives or pays with respect to the specifically given property, whether such
amounts accrued or became due before, on, or after the date of the decedent's death or the
date upon which an income interest in a trust terminates, and by making a reasonable provision
for amounts that the fiduciary believes the decedent's estate or terminating...
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19-3B-816
Section 19-3B-816 Specific powers of trustee. (a) Without limiting the authority conferred
by Section 19-3B-815, a trustee may: (1) collect trust property and accept or reject
additions to the trust property from a settlor or any other person, including, but not being
limited to, the authority to receive, collect, hold, and retain common or preferred stock
or other interests in the trustee or any related party; (2) acquire or sell property, for
cash or on credit, at public or private sale; (3) exchange, partition, or otherwise change
the character of trust property; (4) deposit trust money in an account in a regulated financial-service
institution; (5) borrow money, with or without security, and mortgage or pledge trust property
for a period within or extending beyond the duration of the trust; (6) with respect to an
interest in a proprietorship, partnership, limited liability company, business trust, corporation,
or other form of business or enterprise, continue the business or other...
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19-3A-102
Section 19-3A-102 Definitions. As used in this chapter, the following terms are defined
as follows: (1) ACCOUNTING PERIOD. A calendar year unless another 12-month period is selected
by a fiduciary. The term includes a portion of a calendar year or other 12-month period that
begins when an income interest begins or ends when an income interest ends. (2) BENEFICIARY.
Includes, in the case of a decedent's estate, an heir, legatee, and devisee and, in the case
of a trust, an income beneficiary and a remainder beneficiary. (3) FIDUCIARY. A personal representative
or a trustee. The term includes an executor, administrator, successor personal representative,
special administrator, and a person performing substantially the same function. (4) INCOME.
Money or property that a fiduciary receives as current return from a principal asset. The
term also includes a portion of receipts from a sale, exchange, or liquidation of a principal
asset, to the extent provided in Article 4. (5) INCOME...
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19-3D-12
Section 19-3D-12 THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018
REGULAR SESSION, EFFECTIVE JANUARY 1, 2019. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. DECANTING
POWER UNDER LIMITED DISTRIBUTIVE DISCRETION. (a) In this section, "limited distributive
discretion" means a discretionary power of distribution that is limited to an ascertainable
standard or a reasonably definite standard. (b) An authorized fiduciary that has limited distributive
discretion over the principal of the first trust for the benefit of one or more current beneficiaries
may exercise the decanting power over the principal of the first trust. If an authorized fiduciary
has limited distributive discretion over part but not all of the principal of a first trust,
the fiduciary may exercise the decanting power over that part of the principal over which
the authorized fiduciary has limited distributive discretion. (c) Under this section
and subject to Section 19-3D-14, a second trust may be created or...
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19-3D-3
Section 19-3D-3 THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018
REGULAR SESSION, EFFECTIVE JANUARY 1, 2019. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. SCOPE.
(a) Except as otherwise provided in subsections (b) and (c), this chapter applies to an express
trust that is irrevocable, or revocable by the settlor only with the consent of the trustee
or a person holding an adverse interest. (b) This chapter does not apply to a trust held solely
for charitable purposes. (c) Subject to Section 19-3D-15, a trust instrument may restrict
or prohibit exercise of the decanting power. (d) This chapter does not limit the power of
a trustee, powerholder, or other person to distribute or appoint property in further trust
or to modify a trust under the trust instrument, laws of this state other than this chapter,
common law, a court order, or a nonjudicial settlement agreement. (e) This chapter does not
affect the ability of a settlor to provide in a trust instrument for the distribution...
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35-4A-5
Section 35-4A-5 Exclusions from statutory rule against perpetuities. Section
35-4A-2, the statutory rule against perpetuities, does not apply to: (1) a nonvested property
interest or a power of appointment arising out of a nondonative transfer, except a nonvested
property interest or a power of appointment arising out of (i) a premarital or postmarital
agreement, (ii) a separation or divorce settlement, (iii) a spouse's election, (iv) a similar
arrangement arising out of a prospective, existing, or previous marital relationship between
the parties, (v) a contract to make or not to revoke a will or trust, (vi) a contract to exercise
or not to exercise a power of appointment, (vii) a transfer in satisfaction of a duty of support,
or (viii) a reciprocal transfer; (2) a fiduciary's power relating to the administration or
management of assets, including the power of a fiduciary to sell, lease, or mortgage property,
and the power of a fiduciary to determine principal and income; (3) a power...
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