§ 18-B §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.
2.
Trust solely for charitable purposes.
This Act does not apply to a trust held solely for charitable purposes.
3.
Restricted or prohibited decanting power.
Subject to section 1214, a trust instrument may restrict or prohibit exercise of the decanting power.
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.
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.

Legislative History

PL 2021, c. 235, §1 (NEW).