(1) Sections 15-11-1102.5 and 15-11-1104.5 shall apply retroactively with respect to an interest in a trust or a power of appointment
over all or any part of a trust, which interest or power was created before July 1,
2006, unless a person who owns or holds such interest or power makes and delivers
a notice of election as provided in this section.
(2)(a) The notice of election pursuant to subsection (1) of this section shall be
a written statement of such person's election against the retroactive application
of sections 15-11-1102.5 and 15-11-1104.5. The notice of election shall include a reference to this section, the name and date
of the trust, the names of the settlor and the trustee of the trust, a description
of the interest or power, and the name and address of the person making the election. The notice of election shall be signed and acknowledged by such person.
(b) The notice of election shall be delivered to a trustee of such trust on or before
July 1, 2008. If there is no person serving as trustee at the time delivery is to be made, the
notice of election may instead be delivered to a person authorized to appoint a successor
trustee of the trust. When the successor trustee is appointed, the person to whom the notice of election
was delivered shall deliver it to the successor trustee.
(c) The notice of election shall be considered delivered to the person to whom delivery
is required to be made when the notice of election or a copy thereof is delivered
in person or when mailed by registered or certified mail, return receipt requested,
to such person.
(d) The trustee of the trust shall file the notice of election with the records maintained
by the trustee for the trust. There shall be a rebuttable presumption that the notice of election was not delivered
as provided in this section unless the notice of election or a copy of such notice
is in the records of the trust maintained by the trustee.
(3) No fiduciary for any trust, estate, individual, or other person with an interest,
right, or power affected by the retroactive application of such amendments shall be
required to make such election, nor shall such fiduciary be held responsible for not
making such election.
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