North Dakota § 59-13-02 (502) Spendthrift provision

North Dakota Statutes

§ 59-13-02 — (502) Spendthrift provision

North Dakota·Title 59 Trusts, Uses, and Powers·Ch. 59-13 Creditor's Claims - Spendthrift and Discretionary Trusts

1.A spendthrift provision is valid if it restrains either the voluntary or involuntary transfer or both the voluntary and involuntary transfer of a beneficiary's interest.

2.A term of a trust providing that the interest of a beneficiary is held subject to a spendthrift trust, or words of similar import, is sufficient to restrain both voluntary and involuntary transfer of the beneficiary's interest.

3.A beneficiary may not transfer an interest in a trust in violation of a valid spendthrift provision and, except as otherwise provided in this chapter, a creditor or assignee of the beneficiary may not reach the interest or a distribution by the trustee before its receipt by the beneficiary.

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1. A spendthrift provision is valid if it restrains either the voluntary or involuntary transfer
or both the voluntary and involuntary transfer of a beneficiary's interest.
2. A term of a trust providing that the interest of a beneficiary is held subject to a
spendthrift trust, or words of similar import, is sufficient to restrain both voluntary and
involuntary transfer of the beneficiary's interest.
3. A beneficiary may not transfer an interest in a trust in violation of a valid spendthrift
provision and, except as otherwise provided in this chapter, a creditor or assignee of
the beneficiary may not reach the interest or a distribution by the trustee before its
receipt by the beneficiary.

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