Powers and rights of transferor--Effect on qualified disposition

A qualified disposition is subject to §§ 55-16-9 to 55-16-14 , inclusive, notwithstanding a transferor's retention of any or all of the powers and rights described in subdivision 55-16-2(2) and the transferor's service as trust advisor pursuant to § 55-16-5 . The transferor has only such powers and rights as are conferred by the trust instrument. Except as permitted by §§ 55-16-2 and 55-16-5 , a transferor has 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 is void.

Source: SL 2005, ch 261, § 8.