§ 59-16.3-01 Definitions
§ 59-16.3-02 Trustee’s authority to convert income trust – Conditions
§ 59-16.3-03 Interested trustee’s authority over actions enumerated in chapter 59-16.3
§ 59-16.3-04 Trustee may petition court – Appointment of disinterested person
§ 59-16.3-05 Annual valuation of trust required
§ 59-16.3-06 Calculation of unitrust amount
§ 59-16.3-07 Unitrust amount as net income
§ 59-16.3-08 Administration of total return unitrust authority – Authority of trustee
§ 59-16.3-09 Distributions of principal not affected by conversion
§ 59-16.3-10 Spouse may compel reconversion to income trust for certain trusts – Written instrument required
§ 59-16.3-11 Applicability of chapter
§ 59-16.3-12 Trustee acting in good faith not liable – Remedy
§ 59-16.3-13 No duty to act created
§ 59-16.3-14 Chapter not applicable to charitable remainder unitrust
will 560x170

Need help with a review of a will?
Have it reviewed by a lawyer, get answers to your questions and move forward with confidence.
Connect with a lawyer now

Terms Used In North Dakota Code > Chapter 59-16.3 - Total Return Unitrusts

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • 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
  • 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.
  • following: when used by way of reference to a chapter or other part of a statute means the next preceding or next following chapter or other part. See North Dakota Code 1-01-49
  • Individual: means a human being. See North Dakota Code 1-01-49
  • Inter vivos: Transfer of property from one living person to another living person.
  • 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.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Person: means an individual, organization, government, political subdivision, or government agency or instrumentality. See North Dakota Code 1-01-49
  • Personal property: All property that is not real property.
  • Personal property: includes money, goods, chattels, things in action, and evidences of debt. See North Dakota Code 1-01-49
  • Property: includes property, real and personal. See North Dakota Code 1-01-49
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • 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.
  • 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
  • year: means twelve consecutive months. See North Dakota Code 1-01-33