14-10409. Noncharitable trust without ascertainable beneficiary
Except as otherwise provided in section 14-10408 or by another statute, the following rules apply:
1. A trust may be created for a noncharitable purpose without a definite or definitely ascertainable beneficiary or for a noncharitable but otherwise valid purpose to be selected by the trustee, provided that the trust may not be enforced for more than ninety years after its creation.
2. A trust authorized by this section may be enforced by a person appointed in the terms of the trust or, if no person is so appointed, by a person appointed by the court.
3. Property of a trust authorized by this section may be applied only to its intended use, except to the extent the court determines that the value of the trust property exceeds the amount required for the intended use. Except as otherwise provided in the terms of the trust, property not required for the intended use must be distributed to the settlor, if then living, or otherwise to the settlor's successors in interest.
Section: Previous 14-10402 14-10403 14-10404 14-10405 14-10406 14-10407 14-10408 14-10409 14-10410 14-10411 14-10412 14-10413 14-10414 14-10415 14-10416 NextLast modified: October 13, 2016