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.