Title 55 — FIDUCIARIES AND TRUSTS

(6) Subdivisions (2) to (4), inclusive, of this section apply to any transfer made after June 30, 2014. Source: SL 2005, ch 261 , § 15; SL 2011, ch 212 , § 17; SL 2013, ch 239 , § 19; SL 2014, ch 226 , § 20.

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 tran…

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 creditor of the settlo…

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 disposition was originally transferred to the t…

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 in §§ 55-16-9 to 55-16-16 , inclusive, and no such…

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 equity against the trustee, or advisor described in § 55-16-4 , of a trust that…

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 §…

(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 cou…

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 avoide…

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…

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.

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 activities are not subject to supervision as provided in § 55-16-3 may be considered a qualified perso…

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 subdivi…

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 provide…

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. Source: SL 2005, ch 261 , § 7.

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 §

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 remedy …