§1205. Application; governing law
1.
This State.
This Act applies to a trust that:
A.
Has its principal place of administration in this State, including a trust whose principal place of administration has been changed to this State; or
[PL 2021, c. 235, §1 (NEW).]
B.
Provides by its trust instrument that it is governed by the law of this State or is governed by the law of this State for the purpose of:
[PL 2021, c. 235, §1 (NEW).]
(1)
Administration, including administration of a trust whose governing law for purposes of administration has been changed to the law of this State;
(2)
Construction of terms of the trust; or
(3)
Determining the meaning or effect of terms of the trust.
[PL 2021, c. 235, §1 (NEW).]
2.
Creation of trust; court proceedings.
Except as otherwise provided in this Act:
A.
The Act applies to a trust created before, on or after October 1, 2021;
[RR 2021, c. 2, Pt. A, §37 (COR).]
B.
The Act applies to any proceedings in court commenced on or after October 1, 2021;
[PL 2021, c. 235, §1 (NEW).]
C.
The Act applies to proceedings in court pending on October 1, 2021 unless the court finds that application of a particular provision of the Act would interfere substantially with the effective conduct of the proceeding or prejudice a right of a party, in which case the particular provision of the Act does not apply; and
[PL 2021, c. 235, §1 (NEW).]
D.
A rule of construction or presumption provided in the Act applies to a trust instrument executed prior to October 1, 2021 unless there is a clear indication of a contrary intent in the terms of the instrument.
[PL 2021, c. 235, §1 (NEW).]
[RR 2021, c. 2, Pt. A, §37 (COR).]
3.
Action before effective date of Act.
Except as otherwise provided in subsection 2, an action done before October 1, 2021 is not affected by the Act.
[PL 2021, c. 235, §1 (NEW).]
SECTION HISTORY
PL 2021, c. 235, §1 (NEW). RR 2021, c. 2, Pt. A, §37 (COR).