§2103. Application; principal place of administration
(CONTAINS TEXT WITH VARYING EFFECTIVE DATES)
(WHOLE SECTION TEXT EFFECTIVE 7/1/20 by T. 18-A, §2119)
1. Application. This Act applies to a trust, whenever created, that has its principal place of administration in this State, subject to the following rules:
A. If the trust was created before January 1, 2020, this Act applies only to a decision or action occurring on or after January 1, 2020. [PL 2019, c. 301, §8 (NEW).]
B. If the principal place of administration of the trust is changed to this State on or after January 1, 2020, this Act applies only to a decision or action occurring on or after the date of the change. [PL 2019, c. 301, §8 (NEW).]
[PL 2019, c. 301, §8 (NEW).]
2. Principal place of administration. Without precluding other means to establish a sufficient connection with the designated jurisdiction in a directed trust, terms of the trust that designate the principal place of administration of the trust are valid and controlling if:
A. A trustee's principal place of business is located in or a trustee is a resident of the designated jurisdiction; [PL 2019, c. 301, §8 (NEW).]
B. A trust director's principal place of business is located in or a trust director is a resident of the designated jurisdiction; or [PL 2019, c. 301, §8 (NEW).]
C. All or part of the administration occurs in the designated jurisdiction. [PL 2019, c. 301, §8 (NEW).]
[PL 2019, c. 301, §8 (NEW).]
SECTION HISTORY
PL 2019, c. 301, §8 (NEW).
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