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2023 Statute
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58-5118. An authorized fiduciary shall not exercise the decanting power to modify a provision in a first-trust instrument granting another person power to remove or replace the fiduciary unless the: (a) Person holding the power consents to the modification in a signed record and the modification applies only to the person; (b) person holding the power and the qualified beneficiaries of the second trust consent to the modification in a signed record and the modification grants a substantially similar power to another person; or (c) court approves the modification and the modification grants a substantially similar power to another person. |
History: L. 2023, ch. 48, § 18; July 1. |
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2024. Powered by KLISS. Rendered: 2024-05-02T07:08:04. Head Rev No: 770880(I)