§ 18-4-23. Charitable remainder trusts.
(a) As used in this section the term "charitable remainder trust� has the meaning ascribed
to that term in § 664 of the Internal Revenue Code, 26 U.S.C. § 664, and in §§ 1.664-1 through 1.664-4 of proposed regulations dealing with charitable
remainder trusts, published in the federal register on September 18, 1971, on behalf
of the secretary of the treasury of the United States or the secretary's delegate.
(b) The superior court shall have jurisdiction:
(1) In the case of property transferred to a trust created before August 1, 1969, whose
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§ 18-4-23. Charitable remainder trusts.
(a) As used in this section the term "charitable remainder trust� has the meaning ascribed
to that term in § 664 of the Internal Revenue Code, 26 U.S.C. § 664, and in §§ 1.664-1 through 1.664-4 of proposed regulations dealing with charitable
remainder trusts, published in the federal register on September 18, 1971, on behalf
of the secretary of the treasury of the United States or the secretary's delegate.
(b) The superior court shall have jurisdiction:
(1) In the case of property transferred to a trust created before August 1, 1969, whose
governing instrument provides that an organization described in § 170(c) of the Internal Revenue Code, 26 U.S.C. § 170(c), receives an irrevocable remainder interest in the trust, to enter judgment whereunder,
in order that the trust qualify as a charitable remainder trust, the transferred property
and any undistributed income from it is to be severed and placed in a separate trust,
within the meaning of § 1.664-1(g)(2) of the proposed regulations.
(2) In the case of a trust created subsequent to July 31, 1969, whose governing instrument
provides that an organization referred to in 26 U.S.C. § 170(c) receives an irrevocable remainder interest in the trust, to enter judgment whereunder,
in order that the trust qualify as a charitable remainder trust, the governing instrument
is to be amended by including in the instrument the provisions required by the proposed
regulations to be included; deleting from the instrument the provisions prohibited
by the proposed regulations from being included; and, to the extent found by the court
to be in furtherance of the intention of the creator of the trust, including provisions
permitted by the proposed regulations to be included.
(c) The provisions of subsection (b) of this section shall not apply to the extent that
the superior court determines that the application would be contrary to the terms
of the instrument governing the trust and that the instrument may not properly be
changed to conform to the proposed regulations.
(d) All references to sections of the Internal Revenue Code shall include future amendments
to those sections and corresponding provisions of future internal revenue laws; and
all references to sections of proposed regulations shall include regulations dealing
with charitable remainder trusts as finally adopted by the secretary of the treasury
or the secretary's delegate and future amendments to those regulations.