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New Jersey Statutes, Title: 3B, ADMINISTRATION OF ESTATES--DECEDENTS AND OTHERS
Chapter 31: Uniform Trust Code
Section: 3B:31-36: Spendthrift provision.
3B:31-36. Spendthrift Provision.
a. A spendthrift provision is valid only if it restrains both voluntary and involuntary transfer of a beneficiary's interest.
b. A term of the trust providing that the interest of a beneficiary is held subject to a "spendthrift trust," or words of similar import, is sufficient to restrain both voluntary and involuntary transfer of the beneficiary's interest.
c. A beneficiary may not transfer an interest in a trust in violation of a valid spendthrift provision and, except as otherwise provided in this article, a creditor or assignee of the beneficiary may not reach the interest or a distribution by the trustee before its receipt by the beneficiary.
d. A spendthrift provision is valid even though a beneficiary is named as the sole trustee or as a co-trustee of the trust.
e. A valid spendthrift provision does not prevent the appointment of interests through the exercise of a power of appointment.
L.2015, c.276, s.1.
This section added to the Rutgers Database: 2016-02-15 11:38:27.
Older versions of 3b:31-36 (if available):
Court decisions that cite this statute: