RSA 564-F:15-1503 · Rights of a Beneficiary's Creditors and Assignees

564-F:15-1503 Rights of a Beneficiary's Creditors and Assignees. –

Copy link

(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.

Copy link

(1)

Attachment of distributions is the creditor's or assignee's exclusive remedy against the beneficiary's interest.

Copy link

(2)

The court may limit the relief under this subsection (a) as the court deems appropriate under the circumstances.

Copy link

(b)

Subject to subsection (c), a beneficiary's creditor or assignee may not compel the foundation to make a distribution to the beneficiary.

Copy link

(c)

A beneficiary's creditor or assignee may reach the beneficiary's interest to the extent that:

Copy link

(1)

Without the consent of any other person, the beneficiary has the power to appoint the foundation's property to:

Copy link

(A)

The beneficiary; or

Copy link

(B)

The beneficiary's creditors or assignees; or

Copy link

(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.

Copy link

(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:

Copy link

(1)

Any power of appointment;

Copy link

(2)

Any power to dissolve the foundation or cause the foundation's dissolution;

Copy link

(3)

Any power to direct or veto a distribution;

Copy link

(4)

Any power to appoint or remove a foundation official; or

Copy link

(5)

Any right to receive reports, notices, or other information concerning the foundation and its administration.

Copy link

(e)

A beneficiary's interest shall not be assignable, except to the extent expressly permitted by the governing documents.

Copy link

(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. Source. 2017, 257:47, eff. Oct. 1, 2017. 2018, 210:15, eff. June 8, 2018. ARTICLE 16 Dispute Resolution

Copy link