§106. Common law of trusts; principles of equity

The common law of trusts and principles of equity supplement this Code, except to the extent modified by this Code or another statute of this State.

§107. Governing law

The meaning and effect of the terms of a trust are determined by:

1.__Law of jurisdiction designated; exception.__The law of the jurisdiction designated in the terms unless the designation of that jurisdiction's law is contrary to a strong public policy of the jurisdiction having the most significant relationship to the matter at issue; or

2.__Law of jurisdiction with most significant relationship.__ In the absence of a controlling designation in the terms of the trust, the law of the jurisdiction having the most significant relationship to the matter at issue.

§108.__Principal place of administration

1.__Terms of trust controlling.__Without precluding other means for establishing a sufficient connection with the designated jurisdiction, terms of a trust designating the principal place of administration are valid and controlling if:

A.__A trustee's principal place of business is located in or a trustee is a resident of the designated jurisdiction; or

B.__All or part of the administration occurs in the designated jurisdiction.

2.__Duty of trustee.__A trustee is under a continuing duty to administer the trust at a place appropriate to its purposes, its administration and the interests of the beneficiaries.

3.__Transfer of place of administration.__Without precluding the right of the court to order, approve or disapprove a transfer, the trustee, in furtherance of the duty prescribed by subsection 2, may transfer the trust's principal place of administration to another state or to a jurisdiction outside of the United States.