§1203. Scope
1.
Express trust.
Except as otherwise provided in subsections 2 and 3, this Act applies to an express trust that is irrevocable or revocable by the settlor only with the consent of the trustee or a person holding an adverse interest.
[PL 2021, c. 235, §1 (NEW).]
2.
Trust solely for charitable purposes.
This Act does not apply to a trust held solely for charitable purposes.
[PL 2021, c. 235, §1 (NEW).]
3.
Restricted or prohibited decanting power.
Subject to section 1214, a trust instrument may restrict or prohibit exercise of the decanting power.
[PL 2021, c. 235, §1 (NEW).]
4.
Power not limited.
This Act does not limit the power of a trustee, powerholder or other person to distribute or appoint property in further trust or to modify a trust under the trust instrument, a law of this State other than this Act, common law, a court order or a nonjudicial settlement agreement.
[PL 2021, c. 235, §1 (NEW).]
5.
Ability of settlor.
This Act does not affect the ability of a settlor to provide in a trust instrument for the distribution of the trust property or appointment in further trust of the trust property or for modification of the trust instrument.
[PL 2021, c. 235, §1 (NEW).]
SECTION HISTORY
PL 2021, c. 235, §1 (NEW).