New Jersey Statutes 3B:31-26. Modification or termination of trust; proceedings for approval or disapproval
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Terms Used In New Jersey Statutes 3B:31-26
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
- Trustee: A person or institution holding and administering property in trust.
3B:31-26. Modification or Termination of Trust; Proceedings for Approval or Disapproval.
a. In addition to the methods of termination prescribed by N.J.S. 3B:31-27 through N.J.S.3B:31-33, a trust terminates to the extent the trust is revoked or expires pursuant to its terms, no purpose of the trust remains to be achieved, or the purposes of the trust have become unlawful, contrary to public policy of this State, or impossible to achieve.
b. A proceeding to approve or disapprove a proposed modification or termination under N.J.S. 3B:31-27 through N.J.S.3B:31-33, or trust combination or division under N.J.S.3B:31-34, may be commenced by a trustee or beneficiary. The settlor of a charitable trust may maintain a proceeding to modify the trust under N.J.S. 3B:31-29
L.2015, c.276, s.1.