North Dakota Code 59-16.3-10 – Spouse may compel reconversion to income trust for certain trusts – Written instrument required
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In the case of a trust for which a marital deduction has been taken for federal tax purpose under sections 2056 and 2523 of the Internal Revenue Code, the spouse otherwise entitled to receive the net income of the trust, by written instrument delivered to the trustee, may compel the reconversion during the spouse’s lifetime of the trust from a total return unitrust to an income trust, notwithstanding contrary provisions in this chapter.
Terms Used In North Dakota Code 59-16.3-10
- Marital deduction: The deduction(s) that can be taken in the determination of gift and estate tax liabilities because of the existence of a marriage or marital relationship.
- Trustee: A person or institution holding and administering property in trust.
- written: include "typewriting" and "typewritten" and "printing" and "printed" except in the case of signatures and when the words are used by way of contrast to typewriting and printing. See North Dakota Code 1-01-37