30-38,110 (UTC 1106) Application to existing relationships. - Nebraska Statutes

30-38,110. (UTC 1106) Application to existing relationships.(UTC 1106) (a) Except as otherwise provided in the Nebraska Uniform Trust Code, on January 1, 2005:(1) the code applies to all trusts created before, on, or after January 1, 2005;(2) the code applies to all judicial proceedings concerning trusts commenced on or after January 1, 2005;(3) the code applies to judicial proceedings concerning trusts commenced before January 1, 2005, unless the court finds that application of a particular provision of the code would substantially interfere with the effective conduct of the judicial proceedings or prejudice the rights of the parties, in which case the particular provision of the code does not apply and the superseded law applies; and(4) an act done before January 1, 2005, is not affected by the code.(b) If a right is acquired, extinguished, or barred upon the expiration of a prescribed period that has commenced to run under any other statute before January 1, 2005, that statute continues to apply to the right even if it has been repealed or superseded.(c) Any reference to the powers authorized under the Nebraska Trustees' Powers Act as such act existed prior to January 1, 2005, is deemed to be a reference to the powers authorized under the Nebraska Uniform Trust Code.(d) Subsection (a) of section 30-3838, section 30-3839, section 30-3848, subsection (c) of section 30-3849, and subdivision (b)(1) of section 30-3879 apply only to trusts which become irrevocable on or after January 1, 2005. SourceLaws 2003, LB 130, § 110; Laws 2004, LB 999, § 29; Laws 2007, LB124, § 28.AnnotationsBecause a statutory duty of impartiality existed under either section 8-2207 or section 30-3868, application of the Nebraska Uniform Trust Code would not substantially prejudice the rights of the parties in determining trustee impartiality. In re Trust of Rosenberg, 273 Neb. 59, 727 N.W.2d 430 (2007).Under subsection (a)(1) of this section, the Nebraska Uniform Trust Code is generally applicable to all trusts in existence on January 1, 2005, subject to certain statutory and perhaps constitutional exceptions. In re Trust Created by Inman, 269 Neb. 376, 693 N.W.2d 514 (2005).