North Dakota Code 59-16.2-02 – Definitions
For purposes of this chapter, unless the context otherwise requires:
Terms Used In North Dakota Code 59-16.2-02
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Fiduciary: A trustee, executor, or administrator.
- Person: means an individual, organization, government, political subdivision, or government agency or instrumentality. See North Dakota Code 1-01-49
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- Trustee: A person or institution holding and administering property in trust.
- Veto: The procedure established under the Constitution by which the President/Governor refuses to approve a bill or joint resolution and thus prevents its enactment into law. A regular veto occurs when the President/Governor returns the legislation to the house in which it originated. The President/Governor usually returns a vetoed bill with a message indicating his reasons for rejecting the measure. In Congress, the veto can be overridden only by a two-thirds vote in both the Senate and the House.
1. “Directing party” means an investment trust advisor, distribution trust advisor, or trust protector as provided in this chapter.
2. “Distribution trust advisor” means one or more persons given authority by the governing instrument to direct, consent to, veto, or otherwise exercise all or a portion of the distribution powers and discretion of the trust, including authority to make discretionary distributions of income or principal.
3. “Excluded fiduciary” means a fiduciary that by the governing instrument is directed to act in accordance with the exercise of specified powers by a directing party, in which case the specified powers must be deemed granted not to the fiduciary but to the directing party and the fiduciary must be deemed excluded from exercising the specified powers.
a. If a governing instrument provides a fiduciary as to one or more specified matters is to act, omit action, or make decisions only with the consent of a directing party, the fiduciary is an excluded fiduciary with respect to those matters.
b. A person may be an excluded fiduciary even if the person participated in:
(1) The exercise of a power described in section 59-09-11 relating to nonjudicial settlement agreements; (2) A power described in chapter 59-16.1 relating to decanting; (3) A permitted trustee amendment; or
(4) A similar power that invokes the provisions of this chapter with respect to any new or existing trust.
4. “Fiduciary” means any person expressly given one or more fiduciary duties by the governing instrument, including a trustee.
5. “Governing instrument” means the instrument stating the terms of a trust, including a court order, or nonjudicial settlement agreement establishing, construing, or modifying the terms of the trust in accordance with section 59-09-11, chapter 59-16.1, or other applicable law.
6. “Investment trust advisor” means one or more persons given authority by the governing instrument to direct, consent to, or veto the exercise of all or a portion of the investment powers of the trust.
7. “Power” means authority to take or withhold an action or decision, including an expressly specified power, the implied power necessary to exercise a specified power, and authority inherent in a general grant of discretion.
8. ”Trust protector” means one or more persons given one or more of the powers specified in section 59-16.2-05, whether or not designated with the title of trust protector by the governing instrument.