SB 2210 Summary

• Amends North Dakota Century Code section 59-09-02 to reorganize and clarify the list of trust types excluded from chapters 59-09 through 59-19 (state trust laws).

• Removes the exclusion for "a trust that is part of an employee benefit arrangement or an individual retirement account" from the list of exceptions, making employee benefit and individual retirement account trusts subject to state trust law requirements.

• Reorganizes subsection 2 by relabeling items (a) through (o) to items (a) through (n), renumbering all subsequent exceptions to reflect the removal of the employee benefit trust exemption.

• Maintains all other trust exclusions including qualified tuition savings accounts, professional trust accounts, escrow arrangements, court-ordered funds, voting trusts, class action funds, and trusts for disabled individuals.

• Passed the Senate 47-0 and the House 92-0 with 2 absent.