§ 72-38-413 — Cy Pres

72-38-413 . Cy pres. (1) Except as otherwise provided in subsection (2), if a particular charitable purpose becomes unlawful, impracticable, impossible to achieve, or wasteful:
(a) the trust does not fail, in whole or in part;
(b) the trust property does not revert to the settlor or the settlor's successors in interest; and
(c) 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) to apply cy pres to modify or terminate the trust only if, when the provision takes effect:
(a) the trust property is to revert to the settlor and the settlor is still living; or
(b) fewer than 21 years have elapsed since the date of the trust's creation.

Legislative History

En. Sec. 62, Ch. 264, L. 2013.