§ 18-9.2-4 Avoidance of qualifieddispositions. – (a) Notwithstanding any other provision of the general laws, no action of anykind, including, without limitation, an action to enforce a judgment entered bya court or other body having adjudicative authority, shall be brought at law orin equity for an attachment or other provisional remedy against property thatis the subject of a qualified disposition or for avoidance of a qualifieddisposition, unless the action is brought pursuant to the provisions of §6-16-7.
(b) Notwithstanding the provisions of § 6-16-9, acreditor may not bring an action under subsection (a) of this section if:
(1) The creditor's claim against the transferor arose beforethe qualified disposition was made, unless the action is brought within four(4) years after the qualified disposition is made or, if later, within one yearafter the qualified disposition was or could reasonably have been discovered bythe creditor; or
(2) The creditor's claim against the transferor arosesubsequent to the qualified disposition, unless the action is brought withinfour (4) years after the qualified disposition is made.
In any action described in subsection (a) of this section,the burden to prove the matter by clear and convincing evidence shall be uponthe creditor.
(c) For purposes of this chapter, a qualified dispositionthat is made by means of a disposition by a transferor who is a trustee shallbe deemed to have been made as of the time the property that is the subject ofthe qualified disposition was originally transferred to the transferor (or anypredecessor trustee) making the qualified disposition in a form that meets therequirements of subdivisions 18-9.2-2(10)(ii) and (iii). If a trustee of anexisting trust proposes to make a qualified disposition pursuant to theprovisions of this subsection (c) of this section but the trust would notconform to the requirements of subparagraph 18-9.2-2(10)(ii)(B) as a result ofthe original transferor's nonconforming powers of appointment, then, upon thetrustee's delivery to the qualified trustee of an irrevocable written electionto have this subsection apply to the trust, the nonconforming powers ofappointment shall be deemed modified to the extent necessary to conform withsubparagraph 18-9.2-2(10)(ii)(B). For purposes of this chapter, the irrevocablewritten election shall include a description of the original transferor'spowers of appointment as modified together with the original transferor'swritten consent thereto, but no such consent of the original transferor shallbe considered a disposition within the meaning of subsection 18-9.2-2(4).
(d) Notwithstanding any law to the contrary, a creditor,including a creditor whose claim arose before or after a qualified disposition,or any other person shall have only such rights with respect to a qualifieddisposition as are provided in this section and §§ 18-9.2-5 and18-9.2-6, and no such creditor nor any other person shall have any claim orcause of action against the trustee, or advisor described in subdivision18-9.2-2(9)(iii), of a trust that is the subject of a qualified disposition, oragainst any person involved in the counseling, drafting, preparation, executionor funding of a trust that is the subject of a qualified disposition.
(e) Notwithstanding any other provision of law, no action ofany kind, including, without limitation, an action to enforce a judgment by acourt or other body having adjudicative authority, shall be brought at law orin equity against the trustee, or advisor described in subdivision18-9.2-2(9)(iii), of a trust that is the subject of the qualified disposition,or against any person involved in the counseling, drafting, preparation,execution or funding of a trust that is the subject of a qualified disposition,if, as of the date such action is brought, an action by a creditor with respectto such qualified disposition would be barred under this section.
(f) In circumstances where more than one qualifieddisposition is made by means of the same trust instrument, then:
(1) The making of a subsequent qualified disposition shall bedisregarded in determining whether a creditor's claim with respect to a priorqualified disposition is extinguished as provided in subsection (b) of thissection; and
(2) Any distribution to a beneficiary shall be deemed to havebeen made from the latest such qualified disposition.
(g) If, in any action brought against a trustee of a trustthat is the result of a qualified disposition, a court takes any action wherebysuch court declines to apply the law of this state in determining the validity,construction or administration of such trust, or the effect of a spendthriftprovision thereof, such trustee shall immediately upon such court's action andwithout the further order of any court, cease in all respects to be a trusteeof such trust and a successor trustee shall thereupon succeed as trustee inaccordance with the terms of the trust instrument or, if the trust instrumentdoes not provide for a successor trustee and the trust would otherwise bewithout a trustee, the Superior Court, upon the application of any beneficiaryof such trust, shall appoint a successor trustee upon such terms and conditionsas it determines to be consistent with the purposes of such trust and thisstatute. Upon such trustee's ceasing to be trustee, such trustee shall have nopower or authority other than to convey the trust property to the successortrustee named in the trust instrument or appointment by the Superior Court inaccordance with this subsection.
§ 18-9.2-4 Avoidance of qualifieddispositions. – (a) Notwithstanding any other provision of the general laws, no action of anykind, including, without limitation, an action to enforce a judgment entered bya court or other body having adjudicative authority, shall be brought at law orin equity for an attachment or other provisional remedy against property thatis the subject of a qualified disposition or for avoidance of a qualifieddisposition, unless the action is brought pursuant to the provisions of §6-16-7.
(b) Notwithstanding the provisions of § 6-16-9, acreditor may not bring an action under subsection (a) of this section if:
(1) The creditor's claim against the transferor arose beforethe qualified disposition was made, unless the action is brought within four(4) years after the qualified disposition is made or, if later, within one yearafter the qualified disposition was or could reasonably have been discovered bythe creditor; or
(2) The creditor's claim against the transferor arosesubsequent to the qualified disposition, unless the action is brought withinfour (4) years after the qualified disposition is made.
In any action described in subsection (a) of this section,the burden to prove the matter by clear and convincing evidence shall be uponthe creditor.
(c) For purposes of this chapter, a qualified dispositionthat is made by means of a disposition by a transferor who is a trustee shallbe deemed to have been made as of the time the property that is the subject ofthe qualified disposition was originally transferred to the transferor (or anypredecessor trustee) making the qualified disposition in a form that meets therequirements of subdivisions 18-9.2-2(10)(ii) and (iii). If a trustee of anexisting trust proposes to make a qualified disposition pursuant to theprovisions of this subsection (c) of this section but the trust would notconform to the requirements of subparagraph 18-9.2-2(10)(ii)(B) as a result ofthe original transferor's nonconforming powers of appointment, then, upon thetrustee's delivery to the qualified trustee of an irrevocable written electionto have this subsection apply to the trust, the nonconforming powers ofappointment shall be deemed modified to the extent necessary to conform withsubparagraph 18-9.2-2(10)(ii)(B). For purposes of this chapter, the irrevocablewritten election shall include a description of the original transferor'spowers of appointment as modified together with the original transferor'swritten consent thereto, but no such consent of the original transferor shallbe considered a disposition within the meaning of subsection 18-9.2-2(4).
(d) Notwithstanding any law to the contrary, a creditor,including a creditor whose claim arose before or after a qualified disposition,or any other person shall have only such rights with respect to a qualifieddisposition as are provided in this section and §§ 18-9.2-5 and18-9.2-6, and no such creditor nor any other person shall have any claim orcause of action against the trustee, or advisor described in subdivision18-9.2-2(9)(iii), of a trust that is the subject of a qualified disposition, oragainst any person involved in the counseling, drafting, preparation, executionor funding of a trust that is the subject of a qualified disposition.
(e) Notwithstanding any other provision of law, no action ofany kind, including, without limitation, an action to enforce a judgment by acourt or other body having adjudicative authority, shall be brought at law orin equity against the trustee, or advisor described in subdivision18-9.2-2(9)(iii), of a trust that is the subject of the qualified disposition,or against any person involved in the counseling, drafting, preparation,execution or funding of a trust that is the subject of a qualified disposition,if, as of the date such action is brought, an action by a creditor with respectto such qualified disposition would be barred under this section.
(f) In circumstances where more than one qualifieddisposition is made by means of the same trust instrument, then:
(1) The making of a subsequent qualified disposition shall bedisregarded in determining whether a creditor's claim with respect to a priorqualified disposition is extinguished as provided in subsection (b) of thissection; and
(2) Any distribution to a beneficiary shall be deemed to havebeen made from the latest such qualified disposition.
(g) If, in any action brought against a trustee of a trustthat is the result of a qualified disposition, a court takes any action wherebysuch court declines to apply the law of this state in determining the validity,construction or administration of such trust, or the effect of a spendthriftprovision thereof, such trustee shall immediately upon such court's action andwithout the further order of any court, cease in all respects to be a trusteeof such trust and a successor trustee shall thereupon succeed as trustee inaccordance with the terms of the trust instrument or, if the trust instrumentdoes not provide for a successor trustee and the trust would otherwise bewithout a trustee, the Superior Court, upon the application of any beneficiaryof such trust, shall appoint a successor trustee upon such terms and conditionsas it determines to be consistent with the purposes of such trust and thisstatute. Upon such trustee's ceasing to be trustee, such trustee shall have nopower or authority other than to convey the trust property to the successortrustee named in the trust instrument or appointment by the Superior Court inaccordance with this subsection.
§ 18-9.2-4 Avoidance of qualifieddispositions. – (a) Notwithstanding any other provision of the general laws, no action of anykind, including, without limitation, an action to enforce a judgment entered bya court or other body having adjudicative authority, shall be brought at law orin equity for an attachment or other provisional remedy against property thatis the subject of a qualified disposition or for avoidance of a qualifieddisposition, unless the action is brought pursuant to the provisions of §6-16-7.
(b) Notwithstanding the provisions of § 6-16-9, acreditor may not bring an action under subsection (a) of this section if:
(1) The creditor's claim against the transferor arose beforethe qualified disposition was made, unless the action is brought within four(4) years after the qualified disposition is made or, if later, within one yearafter the qualified disposition was or could reasonably have been discovered bythe creditor; or
(2) The creditor's claim against the transferor arosesubsequent to the qualified disposition, unless the action is brought withinfour (4) years after the qualified disposition is made.
In any action described in subsection (a) of this section,the burden to prove the matter by clear and convincing evidence shall be uponthe creditor.
(c) For purposes of this chapter, a qualified dispositionthat is made by means of a disposition by a transferor who is a trustee shallbe deemed to have been made as of the time the property that is the subject ofthe qualified disposition was originally transferred to the transferor (or anypredecessor trustee) making the qualified disposition in a form that meets therequirements of subdivisions 18-9.2-2(10)(ii) and (iii). If a trustee of anexisting trust proposes to make a qualified disposition pursuant to theprovisions of this subsection (c) of this section but the trust would notconform to the requirements of subparagraph 18-9.2-2(10)(ii)(B) as a result ofthe original transferor's nonconforming powers of appointment, then, upon thetrustee's delivery to the qualified trustee of an irrevocable written electionto have this subsection apply to the trust, the nonconforming powers ofappointment shall be deemed modified to the extent necessary to conform withsubparagraph 18-9.2-2(10)(ii)(B). For purposes of this chapter, the irrevocablewritten election shall include a description of the original transferor'spowers of appointment as modified together with the original transferor'swritten consent thereto, but no such consent of the original transferor shallbe considered a disposition within the meaning of subsection 18-9.2-2(4).
(d) Notwithstanding any law to the contrary, a creditor,including a creditor whose claim arose before or after a qualified disposition,or any other person shall have only such rights with respect to a qualifieddisposition as are provided in this section and §§ 18-9.2-5 and18-9.2-6, and no such creditor nor any other person shall have any claim orcause of action against the trustee, or advisor described in subdivision18-9.2-2(9)(iii), of a trust that is the subject of a qualified disposition, oragainst any person involved in the counseling, drafting, preparation, executionor funding of a trust that is the subject of a qualified disposition.
(e) Notwithstanding any other provision of law, no action ofany kind, including, without limitation, an action to enforce a judgment by acourt or other body having adjudicative authority, shall be brought at law orin equity against the trustee, or advisor described in subdivision18-9.2-2(9)(iii), of a trust that is the subject of the qualified disposition,or against any person involved in the counseling, drafting, preparation,execution or funding of a trust that is the subject of a qualified disposition,if, as of the date such action is brought, an action by a creditor with respectto such qualified disposition would be barred under this section.
(f) In circumstances where more than one qualifieddisposition is made by means of the same trust instrument, then:
(1) The making of a subsequent qualified disposition shall bedisregarded in determining whether a creditor's claim with respect to a priorqualified disposition is extinguished as provided in subsection (b) of thissection; and
(2) Any distribution to a beneficiary shall be deemed to havebeen made from the latest such qualified disposition.
(g) If, in any action brought against a trustee of a trustthat is the result of a qualified disposition, a court takes any action wherebysuch court declines to apply the law of this state in determining the validity,construction or administration of such trust, or the effect of a spendthriftprovision thereof, such trustee shall immediately upon such court's action andwithout the further order of any court, cease in all respects to be a trusteeof such trust and a successor trustee shall thereupon succeed as trustee inaccordance with the terms of the trust instrument or, if the trust instrumentdoes not provide for a successor trustee and the trust would otherwise bewithout a trustee, the Superior Court, upon the application of any beneficiaryof such trust, shall appoint a successor trustee upon such terms and conditionsas it determines to be consistent with the purposes of such trust and thisstatute. Upon such trustee's ceasing to be trustee, such trustee shall have nopower or authority other than to convey the trust property to the successortrustee named in the trust instrument or appointment by the Superior Court inaccordance with this subsection.
