Qualified Dispositions in Trust
§ 18-9.2-3 No retained interest of
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.)