AN ACT TO AMEND TITLES 12 AND 25 OF THE DELAWARE CODE RELATING TO DECEDENTS’ ESTATES AND PROPERTY.

Section 1 of this Act amends § 3323 of Title 12 to clarify: (1) that powers vested in 2 fiduciaries or nonfiduciaries must be exercised by agreement of both (that is, unanimously), while actions of 3 or more fiduciaries must be exercised by a majority; and (2) how these rules also apply when fiduciaries or nonfiduciaries are designating 1 or more of them to perform ministerial functions on behalf of all of them. In particular, Section 1 of this Act clarifies that when 2 fiduciaries or nonfiduciaries are serving, they can designate 1 of them to perform ministerial functions on behalf of both of them—in other words, that the statute’s existing mention of such designation being available to a majority does not mean that it is available only when there are 3 or more fiduciaries or nonfiduciaries serving. Section 1 of the Act also clarifies (in subsection (a) of § 3323) that the non-liability of fiduciaries or nonfiduciaries who dissent from an action of the majority (if the dissent is evidenced in writing and delivered to the majority) applies only with respect to such action. Section 1 of the Act also reorganizes and rewords § 3323 to reflect current stylistic and formatting preferences. Section 2 of this Act amends § 3325(29) of Title 12 to allow the trustee to select the governing instrument of either the transferor trust or the transferee trust (those two terms being defined in § 3341 of Title 12) in the context of a merger. The purpose of this amendment is to allow flexibility and improve administrative ease so that the name, EIN, account numbers, and other identifying information of the trust may remain unchanged post-merger. Section 3 of this Act amends § 3326 of Title 12 to: (1) Expand the definition of “officeholder” to include those who are empowered to appoint another officeholder; (2) Add a cross-reference to new § 3327A of Title 12 so that the definition of “officeholder” in § 3326 will also apply to § 3327A; and (3) Reorganize and reword § 3326