PART 9. Uniform Trust Decanting Act [19501. - 19530.]
Part 9 added by Stats. 2018, Ch. 407, Sec. 1.
§§ 19501–19530 · 28 sections
- § 19501 This part may be cited as the Uniform Trust Decanting Act.
- § 19502 For purposes of this part: (a) “Appointive property” means the property or property interest subject to a power of appointment. (b) “Ascertainable standard”…
- § 19503 (a) Except as otherwise provided in subdivisions (b) and (c), this part applies to an express trust that is irrevocable or revocable by the settlor only with…
- § 19504 (a) In exercising the decanting power, an authorized fiduciary shall act in accordance with its fiduciary duties, including the duty to act in accordance with…
- § 19505 This part applies to a trust created before, on, or after January 1, 2019, that satisfies either of the following conditions: (a) Has its principal place of…
- § 19507 (a) In this section, a notice period begins on the day notice is given under subdivision (c) and ends 59 days after the day notice is given. (b) An authorized…
- § 19508 (a) Notice to a person with authority to represent and bind another person under this code or a first trust instrument has the same effect as notice given…
- § 19509 (a) On application of an authorized fiduciary, a person entitled to notice under subdivision (c) of Section 19507, a beneficiary, or, with respect to a…
- § 19510 An exercise of the decanting power shall be made in a writing signed by an authorized fiduciary. The signed writing shall, directly or by reference to the…
- § 19511 (a) For purposes of this section: (1) “Noncontingent right” means a right that is not subject to the exercise of discretion or the occurrence of a specified…
- § 19512 (a) For purposes of this section, “limited distributive discretion” means a discretionary power of distribution that is limited to an ascertainable standard or…
- § 19513 (a) For purposes of this section: (1) “Beneficiary with a disability” means a beneficiary of a first trust who the special needs fiduciary believes may qualify…
- § 19514 (a) For purposes of this section: (1) “Determinable charitable interest” means a charitable interest that is a right to a mandatory distribution currently,…
- § 19515 (a) An authorized fiduciary may not exercise the decanting power to the extent the first trust instrument expressly prohibits exercise of either of the…
- § 19516 (a) If a first trust instrument specifies an authorized fiduciary’s compensation, the fiduciary may not exercise the decanting power to increase the…
- § 19517 (a) Except as otherwise provided in this section, a second trust instrument may not relieve an authorized fiduciary from liability for breach of trust to a…
- § 19518 An authorized fiduciary may not exercise the decanting power to modify a provision in a first trust instrument granting another person power to remove or…
- § 19519 (a) For purposes of this section: (1) “Grantor trust” means a trust as to which a settlor of a first trust is considered the owner under Sections 671 to 677,…
- § 19520 (a) Subject to subdivision (b), a second trust may have a duration that is the same as, or different from, the duration of the first trust. (b) To the extent…
- § 19521 An authorized fiduciary may exercise the decanting power whether or not under the first trust’s discretionary distribution standard the fiduciary would have…
- § 19522 (a) If exercise of the decanting power would be effective under this part, except that the second trust instrument in part does not comply with this part, the…
- § 19523 (a) For purposes of this section: (1) “Animal trust” means a trust or an interest in a trust described in Section 15212. (2) “Protector” means either of the…
- § 19524 A reference in this code to a trust instrument or terms of the trust includes a second trust instrument and the terms of the second trust.
- § 19525 (a) For purposes of the law of this state other than this part and subject to subdivision (b), a settlor of a first trust is deemed to be the settlor of the…
- § 19526 (a) Except as otherwise provided in subdivision (c), if exercise of the decanting power was intended to distribute all the principal of the first trust to one…
- § 19527 A debt, liability, or other obligation enforceable against property of a first trust is enforceable to the same extent against the property when held by the…
- § 19529 This part does not limit a trustee’s ability to petition for instructions or other approval under a trust pursuant to Chapter 3 (commencing with Section 17200)…
- § 19530 The provisions of this part are severable. If any provision of this part or its application is held invalid, that invalidity shall not affect other provisions…