Section 15-1.2-302 - Application - duties and remedies(1) Except as otherwise provided in subsection (2) of this section, this part 3 applies to: (a) An income trust, unless the terms of the trust expressly prohibit use of this part 3 by a specific reference to this part 3 or an explicit expression of intent that net income not be calculated as a unitrust amount; and(b) An express unitrust, except to the extent the terms of the trust explicitly: (I) Prohibit use of this part 3 by a specific reference to this part 3;(II) Prohibit conversion to an income trust; or(III) Limit changes to the method of calculating the unitrust amount.(2) This part 3 does not apply to a trust described in section 170 (f)(2)(B), 642 (c)(5), 664 (d), or 2702 of the "Internal Revenue Code of 1986", 26 U.S.C. sec. 170(f)(2)(B), 642(c)(5), 664(d), or 2702, as amended.(3) An income trust to which this part 3 applies under subsection (1)(a) of this section may be converted to a unitrust under this part 3 regardless of the terms of the trust concerning distributions. Conversion to a unitrust under this part 3 does not affect other terms of the trust concerning distributions of income or principal.(4) This part 3 applies to an estate only to the extent a trust is a beneficiary of the estate. To the extent of the trust's interest in the estate, the estate may be administered as a unitrust, the administration of the estate as a unitrust may be discontinued, or the percentage or method used to calculate the unitrust amount may be changed, in the same manner as for a trust under this part 3.(5) This part 3 does not create a duty to take or consider action under this part 3 or to inform a beneficiary about the applicability of this part 3.(6) A fiduciary that in good faith takes or fails to take an action under this part 3 is not liable to a person affected by the action or inaction.Added by 2021 Ch. 143,§1, eff. 1/1/2022.