§ 53-12-80. Spendthrift Provisions
A spendthrift provision shall only be valid if it prohibits both voluntary and involuntary transfers. A term of a trust providing that the interest of a beneficiary is held subject to a spendthrift trust, or words of similar import, shall be sufficient to restrain both voluntary and involuntary transfer of the beneficiary’s interest in the […]
§ 53-12-81. Limitations on Creditors’ Rights to Discretionary Distributions
A transferee or creditor of a beneficiary shall not compel the trustee or a trust director to pay any amount that is payable only in the discretion of the trustee or trust director regardless of whether the discretion is expressed in the form of a standard of distribution, including, but not limited to, health, education, […]
§ 53-12-82. Rules for Trusts; Consideration of Assets of an Inter Vivos Marital Trust Following Death
As used in this subsection, the term “creditor” means: With respect to subparagraphs (A) and (B) of paragraph (2) of this subsection, those creditors of a settlor whose claims against the property of the trust are governed by this article, including those creditors identified in subsection (d) of Code Section 53-12-80; and With respect to […]
§ 53-12-83. Creditors’ Claims Against Property That Is Subject to Withdrawal Right
The holder of a power of withdrawal, during the period that the power may be exercised, shall be treated in the same manner as the settlor of a revocable trust to the extent of the property subject to the power. The lapse, release, or waiver of a power of withdrawal shall not cause the holder […]