Electronic trust.
1. An electronic trust is a trust instrument that:
(a) Is written, created and stored in an electronic record;
(b) Contains the electronic signature of the settlor; and
(c) Meets the requirements set forth in this chapter for a valid trust.
2. An electronic trust shall be deemed to be executed in this state if the electronic trust is:
(a) Transmitted to and maintained by a custodian designated in the trust instrument at his place of business in this state or at his residence in this state; or
(b) Maintained by the settlor at his place of business in this state or at his residence in this state, or by the trustee at his place of business in this state or at his residence in this state.
3. The provisions of this section do not apply to a testamentary trust
Last modified: February 25, 2006