South Carolina Code 62-7-904O. Express total return unitrust governing instrument; changing the unitrust percentage; converting from a unitrust to an income trust; reconversion of an income trust to a unitrust
Current as of: 2023 | Check for updates
|
Other versions
(A) The terms of an express total return unitrust governing instrument may provide the method similar to the method provided under § 62-7-904C for changing the unitrust percentage or for converting from a unitrust to an income trust or for a reconversion of an income trust to a unitrust, or for all of these actions.
(B) If the terms of an express total return unitrust governing instrument do not specifically or by reference to § 62-7-904C grant a power to the trustee to change the unitrust percentage or change to an income trust, the trustee shall not have that power.
Terms Used In South Carolina Code 62-7-904O
- Trustee: A person or institution holding and administering property in trust.