Title 30, Guardians And Trustees

§554G-4 Permitted trustees. If a permitted trustee of a trust ceases to meet the criteria for a permitted trustee as defined in section 554G-2, and there remains no trustee that meets the requirements, the permitted trustee shall be deemed to have resigned as of the time that the…

§554G-4.5 Advisors. (a) A transferor may appoint, through the trust instrument, one or more advisors or protectors, including: (1) Advisors who have authority under the terms of the trust to remove and appoint trustees, advisors, trust committee members, or protectors; (2) Adviso…

§554G-5 Trust instrument. (a) A trust instrument shall be irrevocable and shall expressly incorporate the laws of this State governing the validity, construction, and administration of the trust. (b) The trustee, in its discretion, may terminate any trust if and when its fair mar…

§554G-6 Investments. Nothing in this chapter shall prohibit a trustee from diversifying trust assets. [L 2010, c 182, pt of §2; am L 2011, c 161, §6]

§554G-7 Retained interests of transferor. (a) A permitted transfer shall be subject to this chapter notwithstanding a transferor's retention of any or all of the powers and rights described in section 554G-5(c) and notwithstanding the transferor's service as investment advisor pu…

§554G-8 Avoidance of permitted transfers in trust. (a) No claim, including an action to enforce a judgment entered by a court or other body having adjudicative authority, by a creditor against property that is subject to a permitted transfer that arises after a permitted transfer…

§554G-9 Limitations on permitted transfers. The limitations contained in section 554G-8 on actions by creditors to avoid permitted transfers shall not apply to: (1) Any person to whom the transferor is indebted on account of a family court-supervised agreement or family court ord…