58a-703 Cotrustees.
58a-703. Cotrustees. (a) Cotrustees who are unable to reach a unanimous decision may act by majority decision. (b) If a vacancy occurs in a cotrusteeship, the remaining cotrustees may act for the trust. (c) A cotrustee must participate in the performance of a trustee’s function unless the cotrustee is unavailable to perform the function because […]
58a-704 Vacancy in trusteeship; appointment of successor.
58a-704. Vacancy in trusteeship; appointment of successor. (a) A vacancy in a trusteeship occurs if: (1) A person designated as trustee rejects the trusteeship; (2) a person designated as trustee cannot be identified or does not exist; (3) a trustee resigns; (4) a trustee is disqualified or removed; (5) a trustee dies; or (6) a […]
58a-705 Resignation of trustee.
58a-705. Resignation of trustee. (a) A trustee may resign: (1) Upon at least 30 days’ notice to the qualified beneficiaries and all cotrustees; or (2) with the approval of the court. (b) In approving a resignation, the court may issue orders and impose conditions reasonably necessary for the protection of the trust property. (c) Any […]
58a-706 Removal of trustee.
58a-706. Removal of trustee. (a) The settlor, if living, a cotrustee, or a qualified beneficiary may request the court to remove a trustee, or a trustee may be removed by the court on its own initiative. (b) The court may remove a trustee if: (1) The trustee has committed a breach of trust; (2) lack […]
58a-402 Requirements for creation.
58a-402. Requirements for creation. (a) A trust is created only if: (1) The settlor has capacity to create a trust; (2) the settlor indicates an intention to create the trust; (3) the trust has a definite beneficiary or is: (A) A charitable trust; (B) a trust for the care of an animal, as provided in […]
58a-418 Reference to written statement or list.
58a-418. Reference to written statement or list. A trust instrument which establishes an inter vivos trust and which directs the trustee to distribute trust assets may refer to a separate written statement or list of items of personal property, other than money, evidences of debt, documents of title, securities, and properties used in trade or […]
58a-403 Trusts created in other jurisdictions.
58a-403. Trusts created in other jurisdictions. A trust not created by will is validly created if its creation complies with the law of the jurisdiction in which the trust instrument was executed, or the law of the jurisdiction in which, at the time of creation: (1) The settlor was domiciled, had a place of abode, […]
58a-501 Rights of beneficiary’s creditor or assignee.
58a-501. Rights of beneficiary’s creditor or assignee. To the extent a beneficiary’s interest is not subject to a spendthrift provision, the court may authorize a creditor or assignee of the beneficiary to reach the beneficiary’s interest by attachment of present or future distributions to or for the benefit of the beneficiary or other means. The […]
58a-404 Trust purposes.
58a-404. Trust purposes. A trust may be created only to the extent its purposes are lawful, not contrary to public policy, and possible to achieve. A trust and its terms must be for the benefit of its beneficiaries. History: L. 2002, ch. 133, § 25; Jan. 1, 2003.
58a-405 Charitable purposes; enforcement.
58a-405. Charitable purposes; enforcement. (a) A charitable trust may be created for the relief of poverty, the advancement of education or religion, the promotion of health, governmental or municipal purposes, or other purposes the achievement of which is beneficial to the community. (b) If the terms of a charitable trust do not indicate a particular […]