North Dakota Code 59-16.3-11 – Applicability of chapter
This chapter must be construed as pertaining to the administration of a trust and must be available to a trust that is administered in the state under state law unless:
Terms Used In North Dakota Code 59-16.3-11
- 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
- Person: means an individual, organization, government, political subdivision, or government agency or instrumentality. See North Dakota Code 1-01-49
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See North Dakota Code 1-01-49
- Trustee: A person or institution holding and administering property in trust.
1. The governing instrument reflects an intention that the current beneficiary or beneficiaries are to receive an amount other than a reasonable current return from the trust; 2. One or more persons to whom the trustee could distribute income have a power of withdrawal over the trust which is not subject to an ascertainable standard under sections 2041 and 2514 of the Internal Revenue Code, or which can be exercised to discharge a duty of support the person possesses; or
3. The governing instrument expressly prohibits use of this chapter by specific reference to the chapter. A provision in the governing instrument that “the provisions of this chapter, or any corresponding provision of future law, may not be used in the administration of this trust” are sufficient to preclude use of this chapter.