New Hampshire Revised Statutes 383-C:12-1201 – Definitions
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For purposes of this article, the following definitions shall apply:
(a) “Limited-scope discretionary power” means discretionary power with respect to a trust if: (i) the terms of the trust confer simultaneous, discretionary authority on two or more persons; (ii) the power represents only a portion of the full range of discretionary powers conferred by the terms of the trust instrument on all persons that can exercise discretionary powers under the terms of the trust; and (iii) the power generally is directed toward a singular area of discretion. Limited-scope discretionary power may be any one of the following powers, but generally would not include more than one of the following: the power to make or direct discretionary distributions, the power to decant, the power to add or remove beneficiaries, the power to veto decisions by another fiduciary.
(b) “Qualified trust advisor” means (i) any person that serves as a trust advisor or as a trust protector and, in that capacity, exercises only limited-scope discretionary power as to a trust, and (ii) any other person designated as a qualified trust advisor pursuant to rules adopted by the commissioner under this article.
(c) “Registered advisor” means an entity that is (i) an investment advisor or broker-dealer that maintains a valid registration under state or federal law or (ii) a commodity trading advisor registered under federal law.
(d) “Trust advisor” means a trust advisor as defined in N.H. Rev. Stat. § 564-B:1-103(27).
(e) “Trust protector” means a trust protector as defined in N.H. Rev. Stat. § 564-B:1-103(28).
(a) “Limited-scope discretionary power” means discretionary power with respect to a trust if: (i) the terms of the trust confer simultaneous, discretionary authority on two or more persons; (ii) the power represents only a portion of the full range of discretionary powers conferred by the terms of the trust instrument on all persons that can exercise discretionary powers under the terms of the trust; and (iii) the power generally is directed toward a singular area of discretion. Limited-scope discretionary power may be any one of the following powers, but generally would not include more than one of the following: the power to make or direct discretionary distributions, the power to decant, the power to add or remove beneficiaries, the power to veto decisions by another fiduciary.
Terms Used In New Hampshire Revised Statutes 383-C:12-1201
- Fiduciary: A trustee, executor, or administrator.
- following: when used by way of reference to any section of these laws, shall mean the section next preceding or following that in which such reference is made, unless some other is expressly designated. See New Hampshire Revised Statutes 21:13
- person: may extend and be applied to bodies corporate and politic as well as to individuals. See New Hampshire Revised Statutes 21:9
- state: when applied to different parts of the United States, may extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall include said district and territories. See New Hampshire Revised Statutes 21:4
- 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.
(b) “Qualified trust advisor” means (i) any person that serves as a trust advisor or as a trust protector and, in that capacity, exercises only limited-scope discretionary power as to a trust, and (ii) any other person designated as a qualified trust advisor pursuant to rules adopted by the commissioner under this article.
(c) “Registered advisor” means an entity that is (i) an investment advisor or broker-dealer that maintains a valid registration under state or federal law or (ii) a commodity trading advisor registered under federal law.
(d) “Trust advisor” means a trust advisor as defined in N.H. Rev. Stat. § 564-B:1-103(27).
(e) “Trust protector” means a trust protector as defined in N.H. Rev. Stat. § 564-B:1-103(28).