(a) Except as otherwise provided in subsection (b), 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) a 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.
(b) 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 a court under subsection (a) 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) less than thirty (30) years have elapsed since the date of the trust's creation.
Section: Previous 28-73-404 28-73-405 28-73-406 28-73-407 28-73-408 28-73-409 28-73-410 28-73-411 28-73-412 28-73-413 28-73-414 28-73-415 28-73-416 28-73-417 NextLast modified: November 15, 2016