75-7-410 - Modification or termination of trust -- Proceedings for approval or disapproval.
75-7-410. Modification or termination of trust -- Proceedings for approval ordisapproval.
(1) In addition to the methods of termination prescribed by Sections 75-7-411 through75-7-414, a trust terminates to the extent the trust is revoked or expires pursuant to its terms, nopurpose of the trust remains to be achieved, or the purposes of the trust have become unlawful,contrary to public policy, or impossible to achieve.
(2) A proceeding to approve or disapprove a proposed modification or termination underSections 75-7-411 through 75-7-416, or trust combination or division under Section 75-7-417,may be commenced by a trustee or qualified beneficiary, and a proceeding to approve ordisapprove a proposed modification or termination under Section 75-7-411 may be commencedby the settlor. The settlor of a charitable trust may maintain a proceeding to modify the trustunder Section 75-7-413.
Repealed and Re-enacted by Chapter 89, 2004 General Session