[§554D‑105]  Default and mandatory rules.  (a)  Except as otherwise provided in the terms of the trust, this chapter governs the duties and powers of a trustee, relations among trustees, and the rights and interests of a beneficiary.

     (b)  The terms of a trust prevail over any provision of this chapter except:

     (1)  The requirements for creating a trust;

     (2)  The duty of a trustee to act in good faith and in accordance with the terms and purposes of the trust and the interests of the beneficiaries;

     (3)  The requirement that a trust and its terms be for the benefit of its beneficiaries as their interests are defined by the terms of the trust and that the trust have a purpose that is lawful, not contrary to public policy, and possible to achieve;

     (4)  The power of the court to modify or terminate a trust under sections 554D-410 through 554D-416;

     (5)  The effect of a spendthrift provision and the rights of certain creditors and assignees to reach a trust as provided in part V;

     (6)  The power of the court under section 554D-702 to require, dispense with, or modify or terminate a bond;

     (7)  The power of the court under section 554D-708(b) to adjust a trustee's compensation, specified in the terms of the trust, that is unreasonably low or high;

     (8)  The duty under section 554D-813(c)(2) and (3) to notify qualified beneficiaries of an irrevocable trust of the existence of the trust, of the identity of the trustee, and of their right to request trustee reports;

     (9)  The duty under section 554D-813(b) to respond to the request of a qualified beneficiary of an irrevocable trust for trustee reports and other information reasonably related to the administration of a trust;

    (10)  The effect of an exculpatory term under section 554D-1008;

    (11)  The rights under sections 554D-1010 through 554D-1013 of a person other than a trustee or beneficiary;

    (12)  Periods of limitation for commencing a judicial proceeding;

    (13)  The power of the court to take action and exercise jurisdiction as may be necessary in the interests of justice; and

    (14)  The subject matter jurisdiction of the court and venue for commencing a proceeding, as provided in sections 554D-203 and 554D-204. [L 2021, c 32, pt of §2]