Section 456.1-105

Title XXXI TRUSTS AND ESTATES OF DECEDENTS AND PERSONS UNDER DISABILITY

Chapter 456

Effective - 01 Jan 2005, 2 histories, see footnote   (history) 

  456.1-105.  Default and mandatory rules. — 1. Except as otherwise provided in the terms of the trust, sections 456.1-101 to 456.11-1106 govern the duties and powers of a trustee, relations among trustees, and the rights and interests of a beneficiary.

  2. The terms of a trust prevail over any provision of sections 456.1- 101 to 456.11-1106 except:

  (1) the requirements for creating a trust;

  (2) the duty of a trustee to act in good faith and in accordance with the purposes of the trust;

  (3) the requirement that a trust and its terms be for the benefit of its beneficiaries;

  (4) the power of the court to modify or terminate a trust under section 456.4-410, subsection 3 of section 456.4B-411, and sections 456.4- 412 to 456.4-416;

  (5) the effect of a spendthrift provision and the rights of certain creditors and assignees to reach a trust as provided in sections 456.5-501 to 456.5-507;

  (6) the power of the court under section 456.7-702 to require, dispense with, or modify or terminate a bond;

  (7) the power of the court under subsection 2 of section 456.7-708 to adjust a trustee's compensation specified in the terms of the trust which is unreasonably low or high;

  (8) the duty to notify the permissible distributees of an irrevocable trust who have attained twenty-one years of age of the existence of the trust and of their rights to request trustee's reports and other information reasonably related to the administration of the trust;

  (9) the duty to respond to the request of a qualified beneficiary of an irrevocable trust for trustee's reports and other information reasonably related to the administration of a trust;

  (10) the effect of an exculpatory term under section 456.10-1008;

  (11) the rights under sections 456.10-1010 to 456.10-1013 of a person other than a trustee or beneficiary;

  (12) periods of limitation for commencing a judicial proceeding;

  (13) the power of the court to take such action and exercise such jurisdiction as may be necessary in the interests of justice; and

  (14) the venue for a judicial proceeding as provided in section 456.2-204.

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(L. 2004 H.B. 1511)

Effective 1-1-05