§ 18-B §1213 — Protection of charitable interest

1.
Definitions.
As used in this section, unless the context otherwise indicates, the following terms have the following meanings.
2.
Determinable charitable interest; Attorney General may represent and bind.
If a first trust contains a determinable charitable interest, for purposes of this section, the Attorney General has the rights of a qualified beneficiary and may represent and bind the determinable charitable interest.
3.
Limitation on 2nd trusts.
If a first trust contains a determinable charitable interest, the 2nd trust or trusts may not:
4.
Treatment of 2 or more 2nd trusts.
If there are 2 or more 2nd trusts, the 2nd trusts must be treated as one trust for purposes of determining whether the exercise of the decanting power diminishes the determinable charitable interest or diminishes the interest of an identified charitable organization for purposes of subsection 3.
5.
State law applicable; exceptions.
If a first trust contains a determinable charitable interest, a 2nd trust or trusts that include a determinable charitable interest pursuant to subsection 3 must be administered under the law of this State unless:
6.
Attorney General's powers and duties not limited.
This Act does not limit the powers and duties of the Attorney General under a law of this State other than this Act.

Legislative History

PL 2021, c. 235, §1 (NEW).