Section 55-1-56 – Registration of trust in court at principal place of administration.
55-1-56. Registration of trust in court at principal place of administration. The trustee of a trust that has its principal place of administration in this state may register the trust in the court of this state at the principal place of administration. Unless otherwise designated in the trust instrument, the principal place of administration of […]
Section 55-1-57 – Contents of registration statement.
55-1-57. Contents of registration statement. Registration shall be accomplished by filing a statement indicating the name and address of the trustee in which it acknowledges the trusteeship. The statement shall indicate whether the trust has been registered elsewhere. The statement shall identify the trust: (1)In the case of a testamentary trust, by the name of […]
Section 55-1-47 – Extrinsic evidence not admissible to establish settlor’s intent concerning no contest clause.
55-1-47. Extrinsic evidence not admissible to establish settlor’s intent concerning no contest clause. A no contest clause shall be construed to carry out the settlor’s intent. Except to the extent the no contest clause in the trust is vague or ambiguous, extrinsic evidence is not admissible to establish the settlor’s intent concerning the no contest […]
Section 55-1-38.1 – Classification of interest as support interest.
55-1-38.1. Classification of interest as support interest. If a trust instrument containing the distribution language specifically provides that the trustee exercise discretion in a reasonable manner with regard to a discretionary interest, then notwithstanding any other provision of §§55-1-38 to 55-1-43, inclusive, the distribution interest shall be classified as a support interest. A beneficiary’s right […]
Section 55-1-39 – Bifurcation of trust.
55-1-39. Bifurcation of trust. To the extent a trust contains any combination of a mandatory provision, a support provision, the trust shall be bifurcated as follows: (1)The trust shall be a mandatory interest only to the extent of the mandatory language; (2)The trust shall be a support interest only to the extent of such support […]
Section 55-1-40 – Language resulting in classification of distribution interest.
55-1-40. Language resulting in classification of distribution interest. Although not the exclusive means to create a distribution interest, absent clear and convincing evidence to the contrary, the following language by itself results in the following classification of distribution interest: (1)Mandatory interest: (a)”All income shall be distributed to (named beneficiary)”; or (b)”One hundred thousand dollars a […]
Section 55-1-41 – Effect of spendthrift provision.
55-1-41. Effect of spendthrift provision. If the trust contains a spendthrift provision, no creditor may reach present or future mandatory distributions from the trust at the trust level. Moreover, no court may order a trustee to distribute past due mandatory distributions directly to a creditor. Source: SL 2007, ch 280, §18; SL 2009, ch 252, […]
Section 55-1-42 – Mandatory or support interests.
55-1-42. Mandatory or support interests. A beneficiary of a mandatory or a support interest has an enforceable right to a distribution pursuant to a court’s review. A trustee’s distribution decision may be reviewed for unreasonableness, dishonesty, improper motivation, or failure, if under a duty to do so, to act. This does not, however, raise the […]
Section 55-1-43 – Discretionary interests.
55-1-43. Discretionary interests. The following provisions apply only to discretionary interests: (1)A discretionary interest is neither a property interest nor an enforceable right. It is a mere expectancy; (2)No creditor may force a distribution with regard to a discretionary interest. No creditor may require the trustee to exercise the trustee’s discretion to make a distribution […]
Section 55-1-44 – Action for fraudulent transfer of settlor’s assets–Jurisdiction–Attorneys’ fees and costs–Burden of proof.
55-1-44. Action for fraudulent transfer of settlor’s assets–Jurisdiction–Attorneys’ fees and costs–Burden of proof. Notwithstanding any other provision of law, no action of any kind, including an action to enforce a judgment entered by a court or other body having adjudicative authority, may be brought at law or in equity for an attachment or other provisional […]