(1) Notice to a person with authority to represent and bind another person under a first-trust instrument or Title 72, chapter 38, part 3, has the same effect as notice given directly to the person represented.
(2) Consent of or waiver by a person with authority to represent and bind another person under a first-trust instrument or Title 72, chapter 38, part 3, is binding on the person represented unless the person represented objects to the representation before the consent or waiver otherwise would become effective.
(3) A person with authority to represent and bind another person under a first-trust instrument or Title 72, chapter 38, part 3, may file an application under 72-39-205 on behalf of the person represented.
(4) A settlor may not represent or bind a beneficiary under this chapter.