Application – principal place of administration
(1) This part 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 October 1, 2021, this part applies only to a decision or action occurring on or after October 1, 2021; and
(b) if the principal place of administration of the trust is changed to this state on or after October 1, 2021, this part applies only to a decision or action occurring on or after the date of the change.
(2) 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 principal place of business is located in or a trustee is a resident of the designated jurisdiction;
(b) a trust director's principal place of business is located in or a trust director is a resident of the designated jurisdiction; or
(c) all or part of the administration occurs in the designated jurisdiction.
| EnactedEn. SectionSec. 3, ChapterCh. 325, Laws ofL. 2021 (SB 239 - McNally, Mary (D) SD 24) |