3B:31-5 Default and mandatory rules.
3B:31-5. Default and Mandatory Rules.
a.Except as otherwise provided in the terms of the trust, this act governs the duties and powers of a trustee, relations among trustees, and the rights and interests of a beneficiary.
b.The terms of a trust prevail over any provision of this act except:
(1)the requirements for creating a trust;
(2)the duty of a trustee to act in good faith and in accordance with the purposes of the trust;
(3)the requirement that a trust and its terms be for the benefit of its beneficiaries, and that the trust have a purpose that is lawful, not contrary to public policy, and possible to achieve;
(4)the power of the court to modify or terminate a trust under N.J.S.3B:31-26 through N.J.S.3B:31-33;
(5)the effect of a spendthrift provision and the rights of certain creditors and assignees to reach a trust as provided in article 4 of this act;
(6)the power of the court under N.J.S.3B:31-47 to require, dispense with, or modify or terminate a bond;
(7)the duty under subsections a. and b. of N.J.S.3B:31-67 to respond to the request of a qualified beneficiary of an irrevocable trust who has attained the age of 35 years for a copy of the trust instrument or for other information reasonably related to the administration of the trust;
(8)the effect of an exculpatory term under N.J.S.3B:31-77;
(9)the rights under N.J.S.3B:31-79 through N.J.S.3B:31-81 of a person other than a trustee or beneficiary;
(10) periods of limitation for commencing a judicial proceeding; and
(11) the power of the court to take such action and exercise such jurisdiction as may be necessary in the interests of justice.
L.2015, c.276, s.1.
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Last modified: October 11, 2016