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Title XXXI TRUSTS AND ESTATES OF DECEDENTS AND PERSONS UNDER DISABILITY

Chapter 456

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  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 456.4-411B, 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)  subject to subsection 3 of this section, the duty of a trustee of an irrevocable trust to notify each permissible distributee who has attained the age of twenty-one years of the existence of the trust and of that permissible distributee's 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 the 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.

  3.  For purposes of subdivision (8) of subsection 2 of this section, the settlor may designate by the terms of the trust one or more permissible distributees to receive notification of the existence of the trust and of the right to request trustee's reports and other information reasonably related to the administration of the trust in lieu of providing the notice, information or reports to any other permissible distributee who is an ancestor or lineal descendant of the designated permissible distributee.

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(L. 2004 H.B. 1511, A.L. 2006 S.B. 892)


---- end of effective   28 Aug 2006 ----

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