Section 59-16.2-02 - DefinitionsFor purposes of this chapter, unless the context otherwise requires:
1. "Directing party" means an investment trust advisor, distribution trust advisor, or trust protector as provided in this chapter.2. "Distribution trust advisor" means one or more persons given authority by the governing instrument to direct, consent to, veto, or otherwise exercise all or a portion of the distribution powers and discretion of the trust, including authority to make discretionary distributions of income or principal.3. "Excluded fiduciary" means a fiduciary that by the governing instrument is directed to act in accordance with the exercise of specified powers by a directing party, in which case the specified powers must be deemed granted not to the fiduciary but to the directing party and the fiduciary must be deemed excluded from exercising the specified powers. a. If a governing instrument provides a fiduciary as to one or more specified matters is to act, omit action, or make decisions only with the consent of a directing party, the fiduciary is an excluded fiduciary with respect to those matters.b. A person may be an excluded fiduciary even if the person participated in:(1) The exercise of a power described in section 59-09-11 relating to nonjudicial settlement agreements;(2) A power described in chapter 59-16.1 relating to decanting;(3) A permitted trustee amendment; or(4) A similar power that invokes the provisions of this chapter with respect to any new or existing trust.4. "Fiduciary" means any person expressly given one or more fiduciary duties by the governing instrument, including a trustee.5. "Governing instrument" means the instrument stating the terms of a trust, including a court order, or nonjudicial settlement agreement establishing, construing, or modifying the terms of the trust in accordance with section 59-09-11, chapter 59-16.1, or other applicable law.6. "Investment trust advisor'' means one or more persons given authority by the governing instrument to direct, consent to, or veto the exercise of all or a portion of the investment powers of the trust.7. "Power" means authority to take or withhold an action or decision, including an expressly specified power, the implied power necessary to exercise a specified power, and authority inherent in a general grant of discretion.8. ''Trust protector'' means one or more persons given one or more of the powers specified in section 59-16.2-05, whether or not designated with the title of trust protector by the governing instrument.Added by S.L. 2017, ch. 416 (HB 1228),§ 9, eff. 8/1/2017.