§ 91-9-707. Claims or actions against property subject to qualified disposition; claims or actions against trustees
Notwithstanding any law to the contrary, no action of any kind, including, but not limited to, an action to enforce a judgment entered by a court or other body having adjudicative authority, shall be brought at law or in equity for an attachment or other provisional remedy against property that is the subject of a […]
§ 91-9-709. Transferor’s powers and rights
A transferor shall have only the powers and rights conferred by the qualified disposition trust. The powers and rights conferred by the qualified disposition trust upon the transferor are personal powers and rights that may not be exercised by a creditor or any other person, except as expressly permitted by the trust. Except as permitted […]
§ 91-9-711. Avoidance of qualified disposition
A qualified disposition shall be avoided only to the extent necessary to satisfy the transferor’s debt to the creditor at whose instance the disposition had been avoided, together with costs, including attorneys’ fees, that the court may allow. In the event any qualified disposition shall be avoided as provided in subsection (a), then: If the […]
§ 91-9-713. Spendthrift restriction
A spendthrift provision as described in Section 91-9-703(n)(3) shall be deemed to be a restriction on the transfer of the transferor’s beneficial interest in the trust that is enforceable under applicable nonbankruptcy law within the meaning of Section 541(c)(2) of the Bankruptcy Code, codified in 11 USCS, Section 541(c)(2), or any successor provision.
§ 91-9-715. Qualified trustees; advisors
For purposes of this article, neither the transferor nor any other natural person who is a nonresident of this state nor an entity that is not authorized by the law of this state to act as a trustee or whose activities are not subject to supervision as provided in Section 91-9-703(k)(1) shall be considered a […]
§ 91-9-717. Investment advisors; service
A person may serve as an investment advisor notwithstanding that the person is the transferor of the qualified disposition, but the person may not otherwise serve as advisor to a trust that is a qualified disposition trust except with respect to the retention of the veto right permitted by Section 91-9-721(a).
§ 91-9-719. Failure to meet requirements; qualified trustees
If a qualified trustee of a qualified disposition trust ceases to meet the requirements of Section 91-9-703(k)(1), and there remains no trustee that meets the requirements, the qualified trustee shall be deemed to have resigned as of the time of that cessation, and thereupon the successor qualified trustee provided for in the qualified disposition trust […]
§ 91-9-721. Revocation
A qualified disposition trust shall not be deemed revocable on account of its inclusion of one or more of the following: A transferor’s power to veto a distribution from the trust; A power of appointment, other than a power to appoint to the transferor, the transferor’s creditors, the transferor’s estate or the creditors of the […]
§ 91-9-723. Application of article
This article shall apply to qualified dispositions and dispositions by transferors who are trustees made on or after July 1, 2014.
§ 91-9-623. Uniformity of application and construction
This article shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this article among the states enacting it.