Section 28-72-713 - Trust administered under laws of another state or jurisdiction(a) A trust administered under the laws of another state or another jurisdiction is a spendthrift trust or domestic asset protection trust under this subchapter if the: (1) Trustee of the trust complies with the requirements set forth in the trust instrument and the requirements of the laws of the state or jurisdiction from which the trust is being transferred;(2) Trustee or other person having the power to transfer the domicile of the trust declares the intent to transfer the domicile of the trust in writing;(3) Document declaring the intent to transfer the domicile of the trust is delivered to the trustee, if it is executed by a person other than the trustee; and(4) Requirements of this subchapter are satisfied simultaneously with or immediately after the change of the domicile.(b) For purposes of § 28-72-712, if the domicile of an existing trust is transferred from another state or jurisdiction to this state and the laws of the other state or jurisdiction are similar to the provisions of this subchapter, the transfer of the trust is deemed to have occurred: (1) On the date on which the settlor of the trust transferred assets into the trust, if the applicable law of the trust has at all times been substantially similar to the provisions of this subchapter; or(2) On the earliest date on which the applicable laws of the trust were substantially similar to the provisions of this subchapter.Added by Act 2023, No. 291,§ 1, eff. 8/1/2023.