§ 383-C:12-1201 — Definitions

New Hampshire § 383-C:12-1201

• Jurisdiction: New Hampshire
• Title XXXV: BANKS AND BANKING; LOAN ASSOCIATIONS; CREDIT UNIONS
• Ch. 383-C: TRUST COMPANY ACT
• Subdivision: ARTICLE 12Qualified Trust Advisors

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For purposes of this article, the following definitions shall apply:
(a) "Limited-scope discretionary power" means discretionary power with respect to a trust if: (i) the terms of the trust confer simultaneous, discretionary authority on two or more persons; (ii) the power represents only a portion of the full range of discretionary powers conferred by the terms of the trust instrument on all persons that can exercise discretionary powers under the terms of the trust; and (iii) the power generally is directed toward a singular area of discretion. Limited-scope discretionary power may be any one of the following powers, but generally would not include more than one of the following: the power to make or direct discretionary distributions, the power to decant, the power to add or remove beneficiaries, the power to veto decisions by another fiduciary.
(b) "Qualified trust advisor" means (i) any person that serves as a trust advisor or as a trust protector and, in that capacity, exercises only limited-scope discretionary power as to a trust, and (ii) any other person designated as a qualified trust advisor pursuant to rules adopted by the commissioner under this article.
(c) "Registered advisor" means an entity that is (i) an investment advisor or broker-dealer that maintains a valid registration under state or federal law or (ii) a commodity trading advisor registered under federal law.
(d) "Trust advisor" means a trust advisor as defined in RSA 564-B:1-103(27).
(e) "Trust protector" means a trust protector as defined in RSA 564-B:1-103(28).

Legislative History

2015, 272:16, eff. Oct. 1, 2015.