New Hampshire Revised Statutes 564-F:15-1503 – Rights of a Beneficiary’s Creditors and Assignees
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(a) Subject to subsection (c), a court may authorize a beneficiary‘s creditor or assignee to reach the beneficiary’s interest by attachment of present or future distributions to or for the benefit of the beneficiary.
(1) Attachment of distributions is the creditor’s or assignee’s exclusive remedy against the beneficiary’s interest.
(2) The court may limit the relief under this subsection (a) as the court deems appropriate under the circumstances.
(b) Subject to subsection (c), a beneficiary’s creditor or assignee may not compel the foundation to make a distribution to the beneficiary.
(c) A beneficiary’s creditor or assignee may reach the beneficiary’s interest to the extent that:
(1) Without the consent of any other person, the beneficiary has the power to appoint the foundation’s property to:
(A) The beneficiary; or
(B) The beneficiary’s creditors or assignees; or
(2) Upon the foundation’s dissolution, the beneficiary would receive the foundation’s property and, without the consent of any other person, the beneficiary has the power to dissolve the foundation or cause the foundation’s dissolution.
(d) A beneficiary’s creditor or assignee may not compel a beneficiary to exercise any right or power that, in any fiduciary or nonfiduciary capacity, the beneficiary has under the governing documents, including any of the following:
(1) Any power of appointment;
(2) Any power to dissolve the foundation or cause the foundation’s dissolution;
(3) Any power to direct or veto a distribution;
(4) Any power to appoint or remove a foundation official; or
(5) Any right to receive reports, notices, or other information concerning the foundation and its administration.
(e) A beneficiary’s interest shall not be assignable, except to the extent expressly permitted by the governing documents.
(f) A beneficiary’s interest shall not be subject to any forced heirship, legitime, forced share, or any similar heirship rights under the laws of any jurisdiction.
(1) Attachment of distributions is the creditor’s or assignee’s exclusive remedy against the beneficiary’s interest.
Terms Used In New Hampshire Revised Statutes 564-F:15-1503
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- 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
- Fiduciary: A trustee, executor, or administrator.
- 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
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- person: may extend and be applied to bodies corporate and politic as well as to individuals. See New Hampshire Revised Statutes 21:9
- Veto: The procedure established under the Constitution by which the President/Governor refuses to approve a bill or joint resolution and thus prevents its enactment into law. A regular veto occurs when the President/Governor returns the legislation to the house in which it originated. The President/Governor usually returns a vetoed bill with a message indicating his reasons for rejecting the measure. In Congress, the veto can be overridden only by a two-thirds vote in both the Senate and the House.
(2) The court may limit the relief under this subsection (a) as the court deems appropriate under the circumstances.
(b) Subject to subsection (c), a beneficiary’s creditor or assignee may not compel the foundation to make a distribution to the beneficiary.
(c) A beneficiary’s creditor or assignee may reach the beneficiary’s interest to the extent that:
(1) Without the consent of any other person, the beneficiary has the power to appoint the foundation’s property to:
(A) The beneficiary; or
(B) The beneficiary’s creditors or assignees; or
(2) Upon the foundation’s dissolution, the beneficiary would receive the foundation’s property and, without the consent of any other person, the beneficiary has the power to dissolve the foundation or cause the foundation’s dissolution.
(d) A beneficiary’s creditor or assignee may not compel a beneficiary to exercise any right or power that, in any fiduciary or nonfiduciary capacity, the beneficiary has under the governing documents, including any of the following:
(1) Any power of appointment;
(2) Any power to dissolve the foundation or cause the foundation’s dissolution;
(3) Any power to direct or veto a distribution;
(4) Any power to appoint or remove a foundation official; or
(5) Any right to receive reports, notices, or other information concerning the foundation and its administration.
(e) A beneficiary’s interest shall not be assignable, except to the extent expressly permitted by the governing documents.
(f) A beneficiary’s interest shall not be subject to any forced heirship, legitime, forced share, or any similar heirship rights under the laws of any jurisdiction.