North Dakota Code 59-16.3-03 – Interested trustee’s authority over actions enumerated in chapter 59-16.3
Current as of: 2023 | Check for updates
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If there is not a trustee of the trust other than an interested trustee, the interested trustee, or if two or more persons are acting as trustee and are interested trustees, a majority of those interested trustees, without the approval of a court, may take such action as provided in so long as the trustee appoints a disinterested person who, in its sole discretion, but acting in a fiduciary capacity, determines for the trustee:
Terms Used In North Dakota Code 59-16.3-03
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- 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.
1. The percentage to be used to calculate the unitrust amount; 2. The method to be used in determining the fair market value of the trust; 3. Which assets, if any, are to be excluded in determining the unitrust amount; and
4. Complies with subsections 1 through 4 of section 59-16.3-02.