§ 564-F:15-1503 — Rights of a Beneficiary's Creditors and Assignees

New Hampshire § 564-F:15-1503

• Jurisdiction: New Hampshire
• Title LVI: PROBATE COURTS AND DECEDENTS' ESTATES
• Ch. 564-F: NEW HAMPSHIRE FOUNDATION ACT
• Subdivision: ARTICLE 15Third Parties

Text

(a) Subject to subsection (c), a court may authorize a beneficiary's creditor or assignee to reach the beneficiary's interest by attachment of present or future distributions to or for the benefit of the beneficiary.
(1) Attachment of distributions is the creditor's or assignee's exclusive remedy against the beneficiary's interest.
(2) The court may limit the relief under this subsection (a) as the court deems appropriate under the circumstances.
(b) Subject to subsection (c), a beneficiary's creditor or assignee may not compel the foundation to make a distribution to the beneficiary.
(c) A beneficiary's creditor or assignee may reach the beneficiary's interest to the extent that:
(1) Without the consent of any other person, the beneficiary has the power to appoint the foundation's property to:
(A) The beneficiary; or
(B) The beneficiary's creditors or assignees; or
(2) Upon the foundation's dissolution, the beneficiary would receive the foundation's property and, without the consent of any other person, the beneficiary has the power to dissolve the foundation or cause the foundation's dissolution.
(d) A beneficiary's creditor or assignee may not compel a beneficiary to exercise any right or power that, in any fiduciary or nonfiduciary capacity, the beneficiary has under the governing documents, including any of the following:
(1) Any power of appointment;
(2) Any power to dissolve the foundation or cause the foundation's dissolution;
(3) Any power to direct or veto a distribution;
(4) Any power to appoint or remove a foundation official; or
(5) Any right to receive reports, notices, or other information concerning the foundation and its administration.
(e) A beneficiary's interest shall not be assignable, except to the extent expressly permitted by the governing documents.
(f) A beneficiary's interest shall not be subject to any forced heirship, legitime, forced share, or any similar heirship rights under the laws of any jurisdiction.

Legislative History

2017, 257:47, eff. Oct. 1, 2017. 2018, 210:15, eff. June 8, 2018.