§554G-7 Retained interests of transferor. (a) A permitted transfer shall be subject to this chapter notwithstanding a transferor's retention of any or all of the powers and rights described in section 554G-5(c) and notwithstanding the transferor's service as investment advisor pursuant to section 554G-4.5(a)(3).
(b) The transferor shall have only the powers and rights specifically conferred by the trust instrument. Except as permitted by sections 554G-5(c) and 554G-4.5(a)(3), a transferor shall have no rights or authority with respect to the property that is the subject of a permitted transfer or to the income from property that is the subject of a permitted transfer. Any agreement or understanding purporting to grant or permit the retention of any greater rights or authority shall be void. [L 2010, c 182, pt of §2; am L 2011, c 161, §7]