South Dakota § 55-1-35 Trust declaration that beneficiary's interest subject to spendthrift trust--Payment of beneficiary expenses.

South Dakota Statutes

§ 55-1-35 — Trust declaration that beneficiary's interest subject to spendthrift trust--Payment of beneficiary expenses.

South Dakota·Title 55 FIDUCIARIES AND TRUSTS·Ch. 55-1 CLASSIFICATION AND CREATION OF TRUSTS

A declaration in a trust that the interest of a beneficiary shall be held subject to a spendthrift trust is sufficient to restrain voluntary or involuntary alienation of a beneficial interest by a beneficiary to the maximum extent provided by law. Regardless of whether a beneficiary has any outstanding creditor, a trustee of a spendthrift trust may directly pay any expense on behalf of such beneficiary and may exhaust the income and principal of the trust for the benefit of such beneficiary. No trustee is liable to any creditor for paying the expenses of a beneficiary of a spendthrift trust.

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A declaration in a trust that the interest of a beneficiary shall be held subject to a spendthrift trust is sufficient to restrain voluntary or involuntary alienation of a beneficial interest by a beneficiary to the maximum extent provided by law. Regardless of whether a beneficiary has any outstanding creditor, a trustee of a spendthrift trust may directly pay any expense on behalf of such beneficiary and may exhaust the income and principal of the trust for the benefit of such beneficiary. No trustee is liable to any creditor for paying the expenses of a beneficiary of a spendthrift trust.

South Dakota § 55-1-35 (Trust declaration that beneficiary's interest subject to spendthrift trust--Payment of beneficiary expenses.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.