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(1) This chapter applies to a trust, whenever created, that has the trust's principal place of administration in this state, subject to the following rules:
(a) if the trust was created before May 14, 2019, this chapter applies only to a decision or action occurring on or after May 14, 2019; and
(b) if the principal place of administration of the trust is changed to this state on or after May 14, 2019, this chapter applies only to a decision or action occurring on or after the date of the change.
(2) Without precluding other means to establish a sufficient connection with the designated jurisdiction in a directed trust, the terms of the trust that designate the principal place of administration of the trust 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;
(b) a trust director's principal place of business is located in, or a trust director is a resident of, the designated jurisdiction; or
(c) all or part of the administration occurs in the designated jurisdiction.