§ 35-16-112. Applicability
This chapter applies to qualified dispositions to investment services trusts and dispositions by transferors who are trustees made on or after July 1, 2007.
§ 35-16-102. Chapter Definitions
As used in this chapter, unless the context otherwise requires: “Claim” means a right to payment, whether or not the right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured or unsecured; “Creditor” means, with respect to a transferor, a person who has a claim; “Debt” means liability on […]
§ 35-16-103. Qualified Affidavit Requirements
A qualified affidavit shall state that: The transferor has full right, title, and authority to transfer the assets to the trust; The transfer of the assets to the trust will not render the transferor insolvent; The transferor does not intend to defraud a creditor by transferring the assets to the trust; The transferor does not […]
§ 35-16-104. Restrictions on Actions, Remedies and Claims
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 […]
§ 35-16-105. Powers and Rights of Transferor
A transferor shall have only the powers and rights conferred by the investment services trust. The powers and rights conferred by the investment services 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 […]
§ 35-16-106. Avoidance of Qualified Dispositions
A qualified disposition to an investment services trust 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 […]
§ 35-16-107. Spendthrift Provisions
A spendthrift provision as described in § 35-16-102(7)(C) 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 § 541(c)(2) of the Bankruptcy Code (11 U.S.C. § 541(c)(2)), or any successor provision.
§ 35-16-108. Qualified Trustees and Advisors
For purposes of this chapter, 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 § 35-16-102(12)(A) shall be considered a […]
§ 35-16-109. Transferor as Investment Advisor
A person may serve as an investment advisor notwithstanding that the person is the transferor of the qualified disposition.
§ 35-16-110. Successor Trustees
In the event that a qualified trustee of an investment services trust ceases to meet the requirements of § 35-16-102(12)(A), 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 […]