Effective – 28 Aug 2007, 2 histories 456.5-501. Rights of beneficiary’s creditor or assignee, exceptions. — Except as otherwise provided in sections 456.5-502 to 456.5-507, to the extent a beneficiary’s interest is not subject to a spendthrift provision, an assignee or a judgment creditor of the beneficiary may, without court order, reach the beneficiary’s interest […]
Effective – 01 Jan 2005 456.5-502. Spendthrift provision. — 1. A spendthrift provision is valid if it restrains either the voluntary or involuntary transfer or both the voluntary and involuntary transfer of a beneficiary’s interest. 2. A term of a trust providing that the interest of a beneficiary is held subject to a “spendthrift trust,” […]
Effective – 01 Jan 2005 456.5-503. Exceptions to spendthrift provision. — 1. In this section, (1) “Child” includes any person for whom an order or judgment for child support has been entered in this or another state, and (2) “Judgment” means a judgment which may be executed in this state. 2. Even if a trust […]
Effective – 28 Aug 2022, 2 histories 456.5-504. Discretionary trusts, interest not enforceable, when — applicability — effect of standard — limitation on access to records. — 1. A beneficiary’s interest in a trust that is subject to the trustee’s discretion does not constitute an interest in property or an enforceable right even if the […]
Effective – 28 Aug 2022, 3 histories 456.5-505. Creditor’s claim against settlor. — 1. Whether or not the terms of a trust contain a spendthrift provision, during the lifetime of the settlor, the property of a revocable trust is subject to claims of the settlor’s creditors. 2. With respect to an irrevocable trust without a […]
Effective – 28 Aug 2006 456.5-506. Mandatory distribution defined — overdue distribution. — 1. As used in this section, “mandatory distribution” means a distribution of income or principal which the trustee is required to make to a beneficiary under the terms of the trust, including a distribution upon termination of the trust. The term does […]
Effective – 01 Jan 2005 456.5-507. Personal obligations of trustee. — Trust property is not subject to personal obligations of the trustee, even if the trustee becomes insolvent or bankrupt. ——– (L. 2004 H.B. 1511) Effective 1-01-05
Effective – 28 Aug 2016, 2 histories 456.5-508. Creditor claim, appointive property not subject to, when. — 1. Except as provided in sections 456.970 to 456.1135: (1) Appointive property subject to a general power of appointment exercisable only at the powerholder’s death is not subject to the claim of a creditor; (2) Appointive property subject […]
