35-16-108 - Qualified trustees and advisors.
35-16-108. Qualified trustees and advisors.
(a) For purposes of this chapter, neither the transferor nor any other natural person who is a nonresident of this state nor an entity that is not authorized by the law of this state to act as a trustee or whose activities are not subject to supervision as provided in § 35-16-102(12)(A) shall be considered a qualified trustee; however, nothing in this chapter shall preclude a transferor from appointing one (1) or more advisors, including, but not limited to:
(1) Advisors who have authority under the terms of the trust instrument to remove and appoint qualified trustees or trust advisors;
(2) Advisors who have authority under the terms of the trust instrument to direct, consent to or disapprove distributions from the trust; and
(3) Investment advisors, whether or not the advisors would meet the requirements imposed by § 35-16-102(12).
(b) For purposes of subsection (a), advisor includes a trust protector or any other person who, in addition to a qualified trustee, holds one (1) or more trust powers.
[Acts 2007, ch. 144, § 8.]