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2007 SESSION

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HB 2832 Spendthrift trust; related duties.

Introduced by: Katherine B. Waddell | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Spendthrift trust; related duties.  The changes to § 55-541.05 make the statute more consistent with other related code sections and the common law rule imposing on trustees the duty to act in good faith in accordance with the terms of the trust and the interests of the beneficiaries.  Changes to §§ 55-545.01, 55-545.03 and 55-545.06 make it clear that an exception creditor cannot reach a beneficiary's interest even if the instrument contains a spendthrift provision, allow the court to limit an exception creditor's access to a beneficiary's benefits, and define mandatory distribution, respectively.


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