RS 9:2350.2 - Application of other Louisiana Trust Code provisions A. Whenever the provisions of this Chapter are silent and except as otherwise provided in this Chapter, the provisions of Chapter 2 of this Code Title shall apply, and whenever the provisions of Chapter 2 are silent, then the provisions of the Louisiana Trust Code shall apply. The Louisiana Trust Code shall not be applied in a contradictory manner to Chapter 2 of this Code Title. The provisions of neither the Louisiana Trust Code nor Chapter 2 shall be applied in a contradictory manner to the provisions of this Chapter to invalidate a trust authorized pursuant to this Chapter, to adversely affect the tax-exempt status of a special charitable trust, nor to prevent any tax deduction for contributions to the trust. B. Notwithstanding any provision to the contrary, a special charitable trust shall be subject to the provisions of the Louisiana Uniform Prudent Management of Institutional Funds Act. A special charitable trust shall be considered an 'institution' for purposes of R.S. 9:2337.2(4), and the trust assets shall not be considered funds 'held for an institution by a trustee that is not an institution' pursuant to shall be considered an 'institution' for purposes of R.S. 9:2337.2(4), and the trust assets shall not be considered funds 'held for an institution by a trustee that is not an institution' pursuant to R.S. 9:2337.2(5)(b) although the special charitable trust has 'individuals' as trustees. C. The trust may be amended only with court approval. The trust shall not be amended to relieve a trustee of his fiduciary obligations or to waive a conflict of interest or ethical rules. Acts 2024, No. 274, §1, eff. May 23, 2024.
Louisiana Legal Code