North Dakota § 59-16.3-03 Interested trustee's authority over actions enumerated in chapter 59-16.3

North Dakota Statutes

§ 59-16.3-03 — Interested trustee's authority over actions enumerated in chapter 59-16.3

North Dakota § 59-16.3-03

Title 59Trusts, Uses, and Powers

Ch. 59-16.3Total Return Unitrusts

This text of North Dakota § 59-16.3-03 (Interested trustee's authority over actions enumerated in chapter 59-16.3) is published on Counsel Stack Legal Research, covering North Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.D. Cent. Code § 59-16.3-03 (2026).

Text

If there is not a trustee of the trust other than an interested trustee, the interested trustee, or if two or more persons are acting as trustee and are interested trustees, a majority of those interested trustees, without the approval of a court, may take such action as provided in so long as the trustee appoints a disinterested person who, in its sole discretion, but acting in a fiduciary capacity, determines for the trustee:

1.The percentage to be used to calculate the unitrust amount;

2.The method to be used in determining the fair market value of the trust;

3.Which assets, if any, are to be excluded in determining the unitrust amount; and

4.Complies with subsections 1 through 4 of section 59-16.3-02.

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If there is not a trustee of the trust other than an interested trustee, the interested trustee, or
if two or more persons are acting as trustee and are interested trustees, a majority of those
interested trustees, without the approval of a court, may take such action as provided in so long
as the trustee appoints a disinterested person who, in its sole discretion, but acting in a fiduciary
capacity, determines for the trustee:
1. The percentage to be used to calculate the unitrust amount;
2. The method to be used in determining the fair market value of the trust;
3. Which assets, if any, are to be excluded in determining the unitrust amount; and
4. Complies with subsections 1 through 4 of section 59-16.3-02.