North Dakota Code 59-14-03 – (603) Settlor’s powers – Powers of withdrawal
Current as of: 2023 | Check for updates
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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.
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- Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).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.