§ 18-B §1207 — Notice; exercise of decanting power

1.
Notice period.
For purposes of this section, a notice period begins on the day notice is given under subsection 3 and ends 59 days after the day notice is given.
2.
Exercise without consent or approval.
Except as otherwise provided in this Act, an authorized fiduciary may exercise the decanting power without the consent of any person and without court approval.
3.
Notice.
Except as otherwise provided in subsection 4 or 6, an authorized fiduciary shall give notice in a record of the intended exercise of the decanting power not later than 60 days before the exercise to:
4.
Notice not required.
An authorized fiduciary is not required to give notice under subsection 3 to a person that is not known to the fiduciary or is known to the fiduciary but cannot be located by the fiduciary after reasonable diligence.
5.
Requirements of notice.
A notice under subsection 3 must:
6.
Waiver of notice period.
The decanting power may be exercised before expiration of the notice period under subsection 1 if all persons entitled to receive notice waive the notice period in a signed record.
7.
Right to file application.
The receipt of notice, waiver of the notice period or expiration of the notice period does not affect the right of a person to file an application under section 1208 asserting that:
8.
Failure to give notice; reasonable care.
An exercise of the decanting power is not ineffective because of the failure to give notice to one or more persons under subsection 3 if the authorized fiduciary acted with reasonable care to comply with subsection 3.

Legislative History

PL 2021, c. 235, §1 (NEW).