(1) Subject to the provisions of section 15-10-108 and to subsections (2), (3), and (4) of this section, the trustee of a trust having its principal place of administration in this state shall, within thirty days after his acceptance of the trust, register the trust in the court of this state at the principal place of administration. Unless otherwise designated in the trust instrument, the principal place of administration of a trust is the trustee's usual place of business where the records pertaining to the trust are kept or at the trustee's residence, if he has no such place of business. In the case of cotrustees, the principal place of administration, if not otherwise designated in the trust instrument, is the usual place of business of the corporate trustee if there is but one corporate cotrustee or the usual place of business or residence of the individual trustee who is a professional fiduciary if there is but one such person and no corporate cotrustee, and otherwise the usual place of business or residenceof any of the cotrustees as agreed upon by them. The duty to register does not apply to the trustee of a trust if registration would be inconsistent with the retained jurisdiction of a foreign court from which the trustee cannot obtain release.
(2) Registration of a trust which has no asset other than the right to receive property upon the occurrence of some future event or a trust nominally funded with assets having a value of five hundred dollars or less shall not be required until the occurrence of such event or assets having a value in excess of five hundred dollars are deposited therein.
(3) Registration of a fully and presently revocable inter vivos trust shall not be required until such time as the grantor's power to revoke such trust has terminated, nor shall registration be required if all the assets of such a trust become then distributable outright to the beneficiaries.
(4) A trust which is required to be registered and which divides the corpus into multiple trusts or a will which creates multiple trusts shall require only one registration rather than a registration for each separate trust.
(5) The provisions of this part 1 shall not apply to any trust created under sections 15-14-412.5 and 15-14-412.6.
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