(a) For purposes of this article, neither the transferor nor any other natural person who is a nonresident of this state nor an entity that is not authorized by the law of this state to act as a trustee or whose activities are not subject to supervision as provided in Section 91-9-703(k)(1) shall be considered a qualified trustee; however, nothing in this article shall preclude a transferor from appointing one (1) or more advisors, including, but not limited to: (1) Advisors who have authority under the terms of the trust instrument to remove and appoint qualified trustees or trust advisors;(2) Advisors who have authority under the terms of the trust instrument to direct, consent to or disapprove distributions from the trust; and(3) Investment advisors, whether or not the advisors would meet the requirements imposed by Section 91-9-703(k).(b) For purposes of subsection (a), 'advisor' includes a trust 'protector' or any other person who, in addition to a qualified trustee, holds one or more trust powers.Added by Laws, 2014, ch. 513, HB 846, 8, eff. 7/1/2014.
Mississippi Legal Code