75-7-502 - Spendthrift provisions for beneficiaries other than the settlor. - Utah Statutes

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Statutes > Utah > Title-75 > Chapter-07 > 75-7-502

75-7-502. Spendthrift provisions for beneficiaries other than the settlor.
(1) A spendthrift provision for a beneficiary other than the settlor is valid only if itrestrains both voluntary and involuntary transfer of a beneficiary's interest, even if the beneficiaryis the trustee or cotrustee of the trust.
(2) A term of a trust providing that the interest of a beneficiary other than the settlor isheld subject to a "spendthrift trust," or words of similar import, is sufficient to restrain bothvoluntary and involuntary transfer of the beneficiary's interest.
(3) A beneficiary may not transfer an interest in a trust in violation of a valid spendthriftprovision and, except as otherwise provided in this part, a creditor or assignee of the beneficiarymay not reach the interest or a distribution by the trustee before its receipt by the beneficiary.

Enacted by Chapter 89, 2004 General Session

State Codes and Statutes

Statutes > Utah > Title-75 > Chapter-07 > 75-7-502

75-7-502. Spendthrift provisions for beneficiaries other than the settlor.
(1) A spendthrift provision for a beneficiary other than the settlor is valid only if itrestrains both voluntary and involuntary transfer of a beneficiary's interest, even if the beneficiaryis the trustee or cotrustee of the trust.
(2) A term of a trust providing that the interest of a beneficiary other than the settlor isheld subject to a "spendthrift trust," or words of similar import, is sufficient to restrain bothvoluntary and involuntary transfer of the beneficiary's interest.
(3) A beneficiary may not transfer an interest in a trust in violation of a valid spendthriftprovision and, except as otherwise provided in this part, a creditor or assignee of the beneficiarymay not reach the interest or a distribution by the trustee before its receipt by the beneficiary.

Enacted by Chapter 89, 2004 General Session

State Codes and Statutes

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State Codes and Statutes

Statutes > Utah > Title-75 > Chapter-07 > 75-7-502

75-7-502. Spendthrift provisions for beneficiaries other than the settlor.
(1) A spendthrift provision for a beneficiary other than the settlor is valid only if itrestrains both voluntary and involuntary transfer of a beneficiary's interest, even if the beneficiaryis the trustee or cotrustee of the trust.
(2) A term of a trust providing that the interest of a beneficiary other than the settlor isheld subject to a "spendthrift trust," or words of similar import, is sufficient to restrain bothvoluntary and involuntary transfer of the beneficiary's interest.
(3) A beneficiary may not transfer an interest in a trust in violation of a valid spendthriftprovision and, except as otherwise provided in this part, a creditor or assignee of the beneficiarymay not reach the interest or a distribution by the trustee before its receipt by the beneficiary.

Enacted by Chapter 89, 2004 General Session