§ 15-16-926 — Later-discovered property

(1) Except as otherwise provided in
subsection (3) of this section, if exercise of the decanting power was intended to
distribute all the principal of the first trust to one or more second trusts, later-discovered property belonging to the first trust and property paid to or acquired by
the first trust after the exercise of the power is part of the trust estate of the
second trust or trusts.

(2) Except as otherwise provided in subsection (3) of this section, if exercise
of the decanting power was intended to distribute less than all the principal of the
first trust to one or more second trusts, later-discovered property belonging to the
first trust or property paid to or acquired by the first trust after exercise of the
power remains part of the trust estate of the first trust.

(3) An authorized fiduciary may provide in an exercise of the decanting
power or by the terms of a second trust for disposition of later-discovered property
belonging to the first trust or property paid to or acquired by the first trust after
exercise of the power.

Legislative History

Source: L. 2016: Entire part added, (SB 16-085), ch. 228, p. 889, � 1, effective August 10.