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Title XXXI TRUSTS AND ESTATES OF DECEDENTS AND PERSONS UNDER DISABILITY

Chapter 456

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  456.4-413.  Cy pres. — 1.  Except as otherwise provided in subsection 2 of this section, if a particular charitable purpose becomes unlawful, impracticable, impossible to achieve, or wasteful:

  (1)  the trust does not fail, in whole or in part;

  (2)  the trust property does not revert to the settlor or the settlor's successors in interest; and

  (3)  the court may apply cy pres to modify or terminate the trust by directing that the trust property be applied or distributed, in whole or in part, in a manner consistent with the settlor's charitable purposes.

  2.  A provision in the terms of a charitable trust that would result in distribution of the trust property to a noncharitable beneficiary prevails over the power of the court under subsection 1 of this section to apply cy pres to modify or terminate the trust only if, when the provision takes effect:

  (1)  the trust property is to revert to the settlor and the settlor is still living; or

  (2)  fewer than twenty-one years have elapsed since the date of the trust's creation.

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(L. 2004 H.B. 1511)

Effective 1-01-05


---- end of effective   01 Jan 2005 ----

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