1. (a) After notice to the qualified beneficiaries, a trustee may combine 2 or more trusts into one trust if the result does not impair rights of any beneficiary or adversely affect achievement of the trust's purposes.

   1. (1) Upon the combination of the trusts, the following shall apply:

      (A) Each of the trusts other than the surviving trust shall terminate;

      (B) The terms of the surviving trust shall govern the surviving trust and its property, including any property acquired from the other trusts that combined into the surviving trust;

      (C) All title to real property and other property owned by each trust that combined into the surviving trust and all contractual rights possessed by each trust that combined into the surviving trust are vested in the surviving trust without reversion or impairment; and

      (D) All liabilities of each trust that combined into the surviving trust are vested in the surviving trust.

   2. (2) After the combination is effective, the name of the trustee of the surviving trust may be substituted in any pending proceeding for the name of the trustee of any trust that combined into the surviving trust.
2. (b) After notice to the qualified beneficiaries, a trustee may divide a trust into 2 or more separate trusts if the result does not impair rights of any beneficiary or adversely affect achievement of the trust's purposes.

Source. 2004, 130:1, eff. Oct. 1, 2004. 2017, 257:13, eff. July 18, 2017.