(a) A person designated as a power holder accepts the appointment to serve as a power holder:
(1) By substantially complying with a method of acceptance provided in the terms of a trust; or
(2) If the terms of a trust do not provide a method or the method provided in the terms of a trust is not expressly made exclusive, by exercising powers or performing duties as a power holder or otherwise indicating acceptance of the appointment to serve as a power holder.
(b) A person designated as a power holder may reject the appointment to serve as a power holder. A trustee may give written notice to a power holder requesting acceptance of the appointment as power holder. A power holder who does not accept such appointment within 120 days after receipt of such notice is considered to have rejected the appointment to serve as a power holder. (2012-18, s. 3.4.)
Sections: Previous 36C-8-818 36C-8A-1 36C-8A-2 36C-8A-3 36C-8A-4 36C-8A-5 36C-8A-6 36C-8A-7 36C-8A-8 36C-8A-9 36C-8A-10 36C-8A-11 36C-9-901 36C-9-902 36C-9-903 Next
Last modified: March 23, 2014