RSA 564-F:14-1401 · Nature of Beneficial Interests

564-F:14-1401 Nature of Beneficial Interests. –

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(a)

Subject to subsection (b), a beneficiary's interest is a mere expectancy and is not a property interest or an enforceable right.

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(b)

A beneficiary's interest is a property interest to the extent that:

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(1)

The beneficiary has a currently exercisable power to appoint the foundation's property to himself, herself, or itself without the consent of any other person; or

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(2)

The directors have failed to make a distribution to the beneficiary in accordance with a provision of the governing documents requiring the directors to make that distribution.

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(c)

For the purposes of determining a beneficiary's interest, the founder's intent as expressed in the terms of the governing documents shall be paramount. Source. 2017, 257:47, eff. Oct. 1, 2017.

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