456.4-409. Noncharitable trust without ascertainable beneficiary.
Noncharitable trust without ascertainable beneficiary.
456.4-409. Except as otherwise provided in section 456.4-408 or byanother statute, the following rules apply:
(1) A trust may be created for a noncharitable purpose without adefinite or definitely ascertainable beneficiary or for a noncharitable butotherwise valid purpose to be selected by the trustee. The trust may notbe enforced for more than twenty-one years.
(2) A trust authorized by this section may be enforced by a personappointed in the terms of the trust or, if no person is so appointed, by aperson appointed by the court.
(3) Property of a trust authorized by this section may be appliedonly to its intended use, except to the extent the court determines thatthe value of the trust property exceeds the amount required for theintended use. Except as otherwise provided in the terms of the trust,property not required for the intended use must be distributed to thesettlor, if then living, otherwise to the settlor's successors in interest.
(L. 2004 H.B. 1511)Effective 1-01-05