A qualified disposition shall be subject to § 18-9.2-4 of this chapter notwithstanding a transferor’s retention of any or all of the powers and rights described in subdivision 18-9.2-2(10)(ii) and the transferor’s service as investment advisor pursuant to subdivision 18-9.2-2(9)(iv). The transferor shall have only such powers and rights as are conferred by the trust instrument. Except as permitted by subdivisions 18-9.2-2(9)(iv) and 18-9.2-2(10)(ii), a transferor shall have no rights or authority with respect to the property that is the subject of a qualified disposition or the income therefrom, and any agreement or understanding purporting to grant or permit the retention of any greater rights or authority shall be void.
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