1.    While a trust is revocable, rights of the beneficiaries are subject to the control of, and the duties of the trustee are owed exclusively to, the settlor.

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Terms Used In North Dakota Code 59-14-03

  • Property: includes property, real and personal. See North Dakota Code 1-01-49
  • Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
  • Trustee: A person or institution holding and administering property in trust.

2.    During the period the power may be exercised, the holder of a power of withdrawal has the rights of a settlor of a revocable trust under this section to the extent of the property subject to the power.

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