North Dakota Code 59-16.2-04 – Designation and powers of distribution trust advisor
1. A distribution trust advisor may be designated in the governing instrument of a trust.
Terms Used In North Dakota Code 59-16.2-04
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- 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
- Trustee: A person or institution holding and administering property in trust.
The powers of a distribution trust advisor may be exercised or not exercised in the sole and absolute discretion of the distribution trust advisor, and are binding on all other persons, including each beneficiary, each fiduciary, each excluded fiduciary, and any other person having an interest in the trust.
2. The governing instrument may use the title “distribution trust advisor” or a similar name or description demonstrating the intent to provide for the office and function of a distribution trust advisor.
3. Unless the terms of the governing instrument provide otherwise, the distribution trust advisor may direct the trustee with regard to all decisions relating directly or indirectly to discretionary distributions to or for one or more beneficiaries.