Section 456.1-110

Title XXXI TRUSTS AND ESTATES OF DECEDENTS AND PERSONS UNDER DISABILITY

Chapter 456

Effective - 28 Aug 2006, 2 histories   

  456.1-110.  Others treated as qualified beneficiaries. — 1.  A specified charitable organization or a person appointed to enforce a trust created for the care of an animal or another noncharitable purpose as provided in sections 456.4-408 or 456.4-409 has the rights of a qualified beneficiary under sections 456.1-101 to 456.11-1106.

  2.  Except with respect to sections 456.1-108 and 456.4-411B, the attorney general of this state has the rights of a qualified beneficiary with respect to an interest in a charitable trust having its principal place of administration in this state if:

  (1)  a specified charitable organization is not entitled to a distribution from such interest; and

  (2)  distributions from the interest are payable in a manner that, if payable to an identifiable charitable entity, would qualify that entity as a specified charitable organization.

  3.  In this section a "specified charitable organization" means an identifiable charitable entity, the interest of which is not otherwise subject to any power of appointment or other power of termination, that, on the date that entity's qualification is determined:

  (a)  is a permissible distributee;

  (b)  would be a permissible distributee if the interests of the permissible distributees terminated on that date; or

  (c)  would be a permissible distributee if the trust terminated on that date.

  4.  No provision of this section shall limit the authority of the attorney general of this state to supervise and control charitable organizations.

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(L. 2004 H.B. 1511, A.L. 2006 S.B. 892)