§2103. Application; principal place of administration
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).