55-1-21. Trust for care of animal, care of other property, or other lawful noncharitable purpose
The following purpose trusts are valid:
(1) A trust for the care of a designated animal or animals;
(2) A trust for the care, maintenance, promotion, continuation, conservation, upkeep, protection, furtherance, or preservation of any other property; and
(3) A trust for any other lawful noncharitable purpose or purposes.
Credits
Source: SL 2006, ch 247, § 2; SL 2018, ch 275, § 3.
55-1-21.1. Termination of trust for care of animal
Except as otherwise provided in the governing instrument, a trust described in subdivision 55-1-21(1) terminates when no living animal is covered by the trust.
Credits
Source: SL 2018, ch 275, § 4.
55-1-21.2. Judicial reduction of property transferred to trustee if trust corpus exceeds amount required for intended purposes
A court may reasonably reduce the amount of the property transferred to the trustee of a purpose trust if the court determines that the trust corpus substantially exceeds the amount required for the intended purposes. The court should consider allowing the trust to be administered for a reasonable period of time before undertaking a determination. The amount of the reduction, if any, passes as unexpended trust property, as set forth in § 55-1-21.8.
Credits
Source: SL 2018, ch 275, § 5.
55-1-21.3. Court order where fulfillment of purposes are impossible, inexpedient, or unlawful
If the court finds that the fulfillment of the purposes are or have become impossible, inexpedient, or unlawful, the court shall make an order directing that the trust be administered in such manner as, in the judgment of the court, will, as nearly as can be, accomplish the general purposes, the objects, and intentions of the trustor.
Credits
Source: SL 2018, ch 275, § 6.