Section 15-1.2-803 - Application to trust or estate(1) Except as provided in the terms of the trust and subsection (2) of this section, this article 1.2 shall take effect on January 1, 2022.(2)(a) This article 1.2 shall not apply to a trust established under a will or trust agreement existing and irrevocable on July 1, 2001, if a trustee of the trust has elected to apply the "Uniform Principal and Income Act" of this state that was in effect on June 30, 2001.(b) This article 1.2 shall not apply to a trust existing on July 1, 2001, in which no trustee had the authority to act under section 15-1-404 of the "Uniform Principal and Income Act", subparts 1 to 6 of part 4 of article 1 of this title 15, as it existed on or after July 1, 2001, unless a trustee of the trust elected to apply the "Uniform Principal and Income Act" as it existed on or after July 1, 2001.Added by 2021 Ch. 143, § 1, eff. 1/1/2022.