§ 59-16-17 — (817) Distribution upon termination

North Dakota § 59-16-17

• Jurisdiction: North Dakota
• Title 59: Trusts, Uses, and Powers
• Ch. 59-16: Duties and Powers of Trustee

Text

1. Upon termination or partial termination of a trust, the trustee may send to the
beneficiaries, and the attorney general in the case of a charitable trust, a proposal for
distribution. The right of any beneficiary, or the attorney general in the case of a
charitable trust, to object to the proposed distribution terminates if the beneficiary, or
the attorney general in the case of a charitable trust, does not notify the trustee of an
objection within thirty days after the proposal was sent, but only if the proposal
informed the beneficiary, or the attorney general in the case of a charitable trust, of the
right to object and of the time allowed for objection.
2. Upon the occurrence of an event terminating or partially terminating a trust, the trustee
shall proceed expeditiously to distribute the trust property to the persons entitled to it,
subject to the right of the trustee to retain a reasonable reserve for the payment of
debts, expenses, and taxes.
3. A release by a beneficiary of a trustee from liability for breach of trust is invalid to the
extent it was induced by improper conduct of the trustee or the beneficiary, at the time
of the release, did not know of the beneficiary's rights or of the material facts relating to
the breach.