North Dakota Code 30.1-10.1-08 – (2-1111) Disclaimer of powers held in fiduciary capacity
Current as of: 2023 | Check for updates
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1. If a fiduciary disclaims a power held in a fiduciary capacity which has not been exercised, the disclaimer takes effect as of the time the instrument creating the power becomes irrevocable.
Terms Used In North Dakota Code 30.1-10.1-08
- 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
2. If a fiduciary disclaims a power held in a fiduciary capacity which has been exercised, the disclaimer takes effect immediately after the last exercise of the power.
3. A disclaimer under this section is effective as to other fiduciaries if the disclaimer so provides and the fiduciary disclaiming has the authority to bind the estate, trust, or other person for whom the fiduciary is acting.