§18-9.2-3  No retained interest of transferor. –

Published: 2015

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CHAPTER 18-9.2

Qualified Dispositions in Trust

SECTION 18-9.2-3

   § 18-9.2-3  No retained interest of

transferor. –

A qualified disposition shall be subject to § 18-9.2-4 of this chapter

notwithstanding a transferor's retention of any or all of the powers and rights

described in subdivision 18-9.2-2(10)(ii) and the transferor's service as

investment advisor pursuant to subdivision 18-9.2-2(9)(iv). The transferor

shall have only such powers and rights as are conferred by the trust

instrument. Except as permitted by subdivisions 18-9.2-2(9)(iv) and

18-9.2-2(10)(ii), a transferor shall have no rights or authority with respect

to the property that is the subject of a qualified disposition or the income

therefrom, and any agreement or understanding purporting to grant or permit the

retention of any greater rights or authority shall be void.

History of Section.

(P.L. 1999, ch. 402, § 1; P.L. 2007, ch. 302, § 1; P.L. 2007, ch.

478, § 1.)