Section 55-1-21.4 – Enforcement of purpose of trust by enforcer.
55-1-21.4. Enforcement of purpose of trust by enforcer. The purposes of a purpose trust shall be enforced by an enforcer designated in the governing instrument. An enforcer may demand reasonable information related to the administration of the trust from the trustee, including a periodic accounting. If no enforcer or successor enforcer is acting pursuant to […]
Section 55-1-24.2 – Withdrawal power.
55-1-24.2. Withdrawal power. A withdrawal power allows a person a right to withdraw all or some part of the trust property, whether from income or principal. The holder of a withdrawal power is not deemed to be the settlor of the trust by failing to exercise a withdrawal power or letting a withdrawal power lapse. […]
Section 55-1-21.5 – Removal of enforcer.
55-1-21.5. Removal of enforcer. A trustee may petition the court for the removal of an enforcer. An enforcer may be removed if the court finds: (1)The enforcer committed a serious breach of the enforcer’s duty, or is unfit or unwilling to serve; (2)A significant and unjustified lack of cooperation or hostility between the enforcer and […]
Section 55-1-25 – Distinction between discretionary trust and support trust–Creditor rights–Judicial review.
55-1-25. Distinction between discretionary trust and support trust–Creditor rights–Judicial review. The common law distinction between a discretionary trust and a support trust and the dual judicial review standards related to this distinction shall be maintained. In the area of creditor rights, the Restatement of Trusts (Third) and the Uniform Trust Code create many new positions […]
Section 55-1-21.6 – Discretion of trustee of purpose trust.
55-1-21.6. Discretion of trustee of purpose trust. Except as otherwise provided in the governing instrument, a trustee of a purpose trust is vested with full discretion in: (1)Interpreting the purposes of the trust consistent with the terms of the governing instrument; and (2)Applying, distributing, or expending principal and income to further the trust’s purposes. Source: […]
Section 55-1-27 – Certain remainder interests not property interests.
55-1-27. Certain remainder interests not property interests. Although a remainder interest may be an enforceable right, where it is not absolutely certain based on the language of the trust that the remainder interest will be distributed within one year, it may not be classified as a property interest. This section does not affect eligibility for […]
Section 55-1-21.7 – Judicial designation of trustee–Order to carry out intent of trustor and purpose of trust.
55-1-21.7. Judicial designation of trustee–Order to carry out intent of trustor and purpose of trust. If no trustee is designated or no designated trustee is willing or able to serve, a court shall name a trustee. A court may order the transfer of the property to another trustee if required to ensure that the intended […]
Section 55-1-28 – Interest of beneficiary or others not reachable by creditors.
55-1-28. Interest of beneficiary or others not reachable by creditors. No creditor may reach an interest of a beneficiary or of any other person on the grounds that the beneficiary or other person holds, either alone or in conjunction with another person, either or both of the following: (1)An unconditional or conditional power to remove […]
Section 55-1-21.8 – Distribution of property upon termination of purpose of trust.
55-1-21.8. Distribution of property upon termination of purpose of trust. Upon termination of a purpose trust, the trustee shall distribute any remaining trust property as directed in the governing instrument. Only in the event that the governing instrument is silent shall the trustee, upon termination of a purpose trust, distribute any remaining trust property as […]
Section 55-1-21.9 – Filings, reports, accounting, separation of funds, appointment, and registration of purpose trust not required–Exceptions.
55-1-21.9. Filings, reports, accounting, separation of funds, appointment, and registration of purpose trust not required–Exceptions. Except as may be demanded by an enforcer under §55-1-21.4, ordered by the court or required by the governing instrument, no filings, reports, periodic accounting, separate maintenance of funds, appointment, or registration of a purpose trust are required. Source: SL […]