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19-3D-25
Section 19-3D-25 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. SETTLOR. (a) For purposes
of laws of this state other than this chapter and subject to subsection (b), a settlor of
a first trust is deemed to be the settlor of the second trust with respect to the portion
of the principal of the first trust subject to the exercise of the decanting power. (b) In
determining settlor intent with respect to a second trust, the intent of a settlor of the
first trust, a settlor of the second trust, and the authorized fiduciary may be considered.
(Act 2018-519, §25.)...
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19-3D-19
Section 19-3D-19 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. TAX-RELATED LIMITATIONS.
(a) In this section the following terms have the following meanings: (1) GRANTOR TRUST. A
trust as to which a settlor of a first trust is considered the owner under 26 U.S.C. Sections
671 through 677, as amended, or 26 U.S.C. Section 679, as amended. (2) INTERNAL REVENUE CODE.
The United States Internal Revenue Code of 1986, as amended. (3) NONGRANTOR TRUST. A trust
that is not a grantor trust. (4) QUALIFIED BENEFITS PROPERTY. Property subject to the minimum
distribution requirements of 26 U.S.C. Section 401(a)(9), as amended, and any applicable regulations,
or to any similar requirements that refer to 26 U.S.C. Section 401(a)(9) or the regulations.
(b) An exercise of the decanting power is subject to the following limitations: (1) If a first
trust contains property that qualified, or would have...
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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-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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25-4-51
Section 25-4-51 Rates of contributions, etc., by employers. (a) Contributions. Except as hereinafter
provided and subject to the provisions of Section 25-4-54, every employer shall pay contributions,
or payments in lieu of contributions, equal to the percentages of wages payable or paid as
hereinafter set out, with respect to employment by him. (1) With respect to employment during
calendar years after December 31, 1975, every employer who has been liable to the provisions
of this chapter during a period of time sufficient to have his rate of contribution determined
under the experience rating provisions of Section 25-4-54 shall pay contributions at the rate
prescribed thereby. (2) With respect to employment after December 31, 1975, every employer
who has not been liable to the provisions of this chapter for a sufficient length of time
to have his rate determined under the experience rating provisions of Section 25-4-54 shall
pay contributions at the rate of 2.70 percent of such wages...
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40-2A-7
Section 40-2A-7 Uniform revenue procedures. (a) Maintenance of records; audit and subpoena
authority; authority to issue regulations. (1) In addition to all other recordkeeping requirements
otherwise set out in this title, taxpayers shall keep and maintain an accurate and complete
set of records, books, and other information sufficient to allow the department to determine
the correct amount of value or correct amount of any tax, license, permit, or fee administered
by the department, or other records or information as may be necessary for the proper administration
of any matters under the jurisdiction of the department. The books, records, and other information
shall be open and available for inspection by the department upon request at a reasonable
time and location. (2) The department may examine and audit the records, books, or other relevant
information maintained by any taxpayer or other person for the purpose of computing and determining
the correct amount of value or correct...
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19-3D-20
Section 19-3D-20 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. DURATION OF SECOND
TRUST. (a) Subject to subsection (b), a second trust may have a duration that is the same
as or different from the duration of the first trust. (b) To the extent that property of a
second trust is attributable to property of the first trust, the property of the second trust
is subject to any rules governing maximum perpetuity, accumulation, or suspension of the power
of alienation which apply to property of the first trust. (Act 2018-519, §20.)...
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19-3D-17
Section 19-3D-17 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. RELIEF FROM LIABILITY
AND INDEMNIFICATION. (a) Except as otherwise provided in this section, a second-trust instrument
may not relieve an authorized fiduciary from liability for breach of trust to a greater extent
than the first-trust instrument. (b) A second-trust instrument may provide for indemnification
of an authorized fiduciary of the first trust or another person acting in a fiduciary capacity
under the first trust for any liability or claim that would have been payable from the first
trust if the decanting power had not been exercised. (c) A second-trust instrument may not
reduce fiduciary liability in the aggregate. (d) Subject to subsection (c), a second-trust
instrument may divide and reallocate fiduciary powers among fiduciaries, including one or
more trustees, distribution advisors, investment advisors,...
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19-3D-15
Section 19-3D-15 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 LIMITATION ON
DECANTING. (a) An authorized fiduciary may not exercise the decanting power to the extent
the first-trust instrument expressly prohibits exercise of: (1) the decanting power; or (2)
a power granted by state law to the fiduciary to distribute part or all of the principal of
the trust to another trust or to modify the trust. (b) Exercise of the decanting power is
subject to any restriction in the first-trust instrument that expressly applies to exercise
of: (1) the decanting power; or (2) a power granted by state law to a fiduciary to distribute
part or all of the principal of the trust to another trust or to modify the trust. (c) A general
prohibition of the amendment or revocation of a first trust, a spendthrift clause, or a clause
restraining the voluntary or involuntary transfer of a beneficiary's...
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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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