§ 564-F:17-1702 — Reformation

New Hampshire § 564-F:17-1702

• Jurisdiction: New Hampshire
• Title LVI: PROBATE COURTS AND DECEDENTS' ESTATES
• Ch. 564-F: NEW HAMPSHIRE FOUNDATION ACT
• Subdivision: ARTICLE 17Modification

Text

(a) A court may reform a foundation's certificate of formation or its bylaws for purposes of conforming the certificate of formation or the bylaws to the founder's intent if:
(1) Whether in the expression or inducement, the foundation's certificate of formation or its bylaws were affected by a mistake of fact, a mistake of law, or both a mistake of fact and a mistake of law; and
(2) The founder's intent is proven by clear and convincing evidence;
(3) The mistake is proven by clear and convincing evidence; and
(4) The reformation does not violate any of the foundation's material purposes.
(b) A court may reform a foundation's certificate of formation or its bylaws for purposes of achieving the founder's tax objectives if:
(1) The reformation is consistent with the founder's intent; and
(2) The reformation does not violate any of the foundation's material purposes.
(c) A reformation under this section may be retroactive or prospective.
(d) Any of the following persons may commence a judicial proceeding seeking reformation of a foundation's certificate of formation or its bylaws under this section:
(1) A founder;
(2) A foundation official;
(3) Unless the governing documents provide otherwise, a beneficiary; and
(4) To the extent that the foundation is a charitable trust, the director of charitable trusts.

Legislative History

2017, 257:47, eff. Oct. 1, 2017.