§ 15-16-916 — Change in compensation

(1) If a first-trust instrument specifies
an authorized fiduciary's compensation, the fiduciary may not exercise the
decanting power to increase the fiduciary's compensation above the specified
compensation unless:

(a) All qualified beneficiaries of the second trust consent to the increase in a
signed record; or

(b) The increase is approved by the court.

(2) If a first-trust instrument does not specify an authorized fiduciary's
compensation, the fiduciary may not exercise the decanting power to increase the
fiduciary's compensation above the compensation permitted by the laws of this
state unless:

(a) All qualified beneficiaries of the second trust consent to the increase in a
signed record; or

(b) The increase is approved by the court.

(3) A change in an authorized fiduciary's compensation which is incidental to
other changes made by the exercise of the decanting power is not an increase in
the fiduciary's compensation for purposes of subsections (1) and (2) of this section.

Legislative History

Source: L. 2016: Entire part added, (SB 16-085), ch. 228, p. 884, � 1, effective August 10.