New Hampshire Revised Statutes 564-B:4-409 – Noncharitable Trust Without Ascertainable Beneficiary
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Except as otherwise provided in N.H. Rev. Stat. § 564-B:4-408 or by another statute, the following rules apply:
(1) A trust may be created for a noncharitable purpose without a definite or definitely ascertainable beneficiary or for a noncharitable but otherwise valid purpose.
(2) A trust authorized by this section may be enforced by a trustee, a trust advisor, a trust protector, a person appointed under the terms of the trust or, if no person is so appointed, by a person appointed by the court.
(3) Except to the extent the court determines that the value of the trust property exceeds the amount required for the intended use, property of a trust authorized by this section may be applied only to its intended use, including appointing trust property to or for the benefit of an existing or new trust whose purposes are limited to one or more purposes of the original trust. Except as otherwise provided by the terms of the trust, property not required for the intended use must be distributed to the settlor, if then living, otherwise to the settlor’s successors in interest.
(1) A trust may be created for a noncharitable purpose without a definite or definitely ascertainable beneficiary or for a noncharitable but otherwise valid purpose.
Terms Used In New Hampshire Revised Statutes 564-B:4-409
- 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
- following: when used by way of reference to any section of these laws, shall mean the section next preceding or following that in which such reference is made, unless some other is expressly designated. See New Hampshire Revised Statutes 21:13
- person: may extend and be applied to bodies corporate and politic as well as to individuals. See New Hampshire Revised Statutes 21:9
- Statute: A law passed by a legislature.
- Trustee: A person or institution holding and administering property in trust.
(2) A trust authorized by this section may be enforced by a trustee, a trust advisor, a trust protector, a person appointed under the terms of the trust or, if no person is so appointed, by a person appointed by the court.
(3) Except to the extent the court determines that the value of the trust property exceeds the amount required for the intended use, property of a trust authorized by this section may be applied only to its intended use, including appointing trust property to or for the benefit of an existing or new trust whose purposes are limited to one or more purposes of the original trust. Except as otherwise provided by the terms of the trust, property not required for the intended use must be distributed to the settlor, if then living, otherwise to the settlor’s successors in interest.