§ 4-10-507 — Limitation on action by creditors

Wyoming § 4-10-507

• Jurisdiction: Wyoming
• Title 04: Fiduciaries
• Ch. 10: UNIFORM TRUST CODE
• Art. 5: CREDITOR'S CLAIMS; SPENDTHRIFT AND DISCRETIONARY

Text

(a) Subject to the rights of persons dealing with a
fiduciary as provided in W.S. 4-10-1013, a creditor may file a
claim against the assets of the trust or commence a judicial
proceeding to contest the validity of a trust that was revocable
at the settlor's death within the earlier of:
(i) Two (2) years after the settlor's death;
(ii) One hundred twenty (120) days after the first
publication of a notice of the intent of the trustee to have the
property of the settlor distributed as permitted under the terms
of the trust. The notice shall be published once per week for
two (2) consecutive weeks in a newspaper of general circulation
in the county or counties where venue of the trust is properly
established as provided in W.S. 4-10-204; or
(iii) One hundred twenty (120) days after known
creditors have been mailed notice, by certified mail return
receipt requested. The notice shall inform the creditor:
(A) Of the trust's existence;
(B) Of the trustee's name and address;
(C) That the creditor shall make all claims in
writing to the trustee within one hundred twenty (120) days of
the date of mailing of the notice; and
(D) That time allowed for commencing a
proceeding to contest the validity of a trust or of the proposed
distribution of the trustee is one hundred twenty (120) days
from the date of mailing of the notice.
(b) A creditor failing to file his claim or to commence a
judicial proceeding to contest the validity of a trust within
the times provided is forever prohibited from making any claim
against the assets of the settlor's trust or commencing any
judicial proceeding against the settlor or the assets of the
settlor's trust.