Section 2103 - Application; principal place of administration1.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. [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. [2019, c. 301, §8 (NEW).] [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; [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 [2019, c. 301, §8 (NEW).]C. All or part of the administration occurs in the designated jurisdiction. [2019, c. 301, §8 (NEW).] [2019, c. 301, §8 (NEW).]
Added by 2019, c. 301,§ 8, eff. 9/19/2019.