55-16-1. Definitions. Terms used in this chapter mean: (1)”Claim,” 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; (2)”Creditor,” with respect to a transferor, a person who has a claim; (3)”Debt,” liability on a claim; (4)”Disposition,” a transfer, […]
55-16-10. Requirements for bringing claim for fraudulent transfer of settlor’s assets. A cause of action or claim for relief with respect to a fraudulent transfer of a settlor’s assets under §55-16-9 is extinguished unless the action under §55-16-9 is brought by a creditor of the settlor who meets one of the following requirements: (1)Is a […]
55-16-11. Disposition by transferor who is a trustee–Time of disposition. A qualified disposition that is made by means of a disposition by a transferor who is a trustee is deemed to have been made as of the time, whether before, on, or after July 1, 2005, the property that is the subject of the qualified […]
55-16-12. Creditor or other person–Rights with respect to a qualified disposition–Action against trustee, advisor, or trust preparer prohibited. Notwithstanding any law to the contrary, a creditor, including a creditor whose claim arose before or after a qualified disposition, or any other person has only such rights with respect to a qualified disposition as are provided […]
55-16-13. Action against trustee, advisor, or preparer of trust prohibited if action by creditor would be barred–Jurisdiction–Attorneys’ fees and costs. 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 […]
55-16-14. Multiple qualified dispositions in same trust instrument. If more than one qualified disposition is made by means of the same trust instrument: (1)The making of a subsequent qualified disposition shall be disregarded in determining whether a creditor’s claim with respect to a prior qualified disposition is extinguished as provided in §55-16-10; and (2)Any distribution […]
55-16-15. Application of chapter. (1)Notwithstanding the provisions of §§55-16-9 to 55-16-14, inclusive, but subject to subdivision (2) of this section, this chapter does not apply in any respect to any person to whom at the time of transfer the transferor is indebted on account of an agreement or order of court for the payment of […]
55-16-16. Avoidance of qualified disposition. A qualified disposition is 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 such costs, including attorney’s fees, as the court may allow. If any qualified disposition is avoided as provided in this section, then: […]
55-16-2. Trust instrument defined. For the purposes of this chapter, a trust instrument, is an instrument appointing a qualified person or qualified persons for the property that is the subject of a disposition, which instrument: (1)Expressly incorporates the law of this state to govern the validity, construction, and administration of the trust; (2)Is irrevocable, but […]
55-16-3. Qualified person defined. For the purposes of this chapter, a qualified person is any person who qualifies as a qualified person under §55-3-41 and who meets all the requirements of §55-3-39 other than the transferor. Source: SL 2005, ch 261, §3; SL 2009, ch 252, §42.
55-16-4. Persons and entities not to be considered qualified person–Appointment, removal, or replacement of co-trustee, trust advisor, or trust protector. 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 […]
55-16-5. Service as investment trust advisor–Service as fiduciary by transferor. Any person may serve as an investment trust advisor, as defined in subdivision 55-1B-1(6), notwithstanding that the person is the transferor of the qualified disposition, but a transferor may not otherwise serve as a fiduciary under a trust instrument except as stated in subdivision 55-16-2(2). […]
55-16-6. Successor qualified person. If a qualified person of a trust ceases to meet the requirements of §55-16-3, and there remains no trustee that meets such requirements, such qualified person shall be deemed to have resigned as of the time of such cessation, and thereupon the successor qualified person provided for in the trust instrument […]
55-16-7. Disposition to more than one trustee–Qualified disposition even if all trustees are not qualified persons. In the case of a disposition to more than one trustee, a disposition that is otherwise a qualified disposition may not be treated as other than a qualified disposition solely because not all of the trustees are qualified persons. […]
55-16-8. Powers and rights of transferor–Effect on qualified disposition. A qualified disposition is subject to §§55-16-9 to 55-16-14, inclusive, notwithstanding a transferor’s retention of any or all of the powers and rights described in subdivision 55-16-2(2) and the transferor’s service as trust advisor pursuant to §55-16-5. The transferor has only such powers and rights as […]
55-16-9. Creditors’ actions limited to transfers with intent to defraud. Notwithstanding any other provision of law, including chapter 54-8A, 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 […]
