2013 Maine Revised Statutes
TITLE 18-B: TRUSTS
Chapter 5: CREDITOR'S CLAIMS; SPENDTHRIFT AND DISCRETIONARY TRUSTS
18-B §502. Spendthrift provision
Part 1: MAINE UNIFORM TRUST CODE HEADING: PL 2003, C. 618, PT. A, §1 (NEW); §2 (AFF) EFFECTIVE 7/1/05
502. Spendthrift provision
1. Restrains voluntary and involuntary transfers. A spendthrift provision is valid only if it restrains both voluntary and involuntary transfer of a beneficiary's interest.
[ 2003, c. 618, Pt. A, 1 (NEW); 2003, c. 618, Pt. A, 2 (AFF) .]
2. Terminology. A term of a 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.
[ 2003, c. 618, Pt. A, 1 (NEW); 2003, c. 618, Pt. A, 2 (AFF) .]
3. No transfer by beneficiary; creditors and assignees. A beneficiary may not transfer an interest in a trust in violation of a valid spendthrift provision and, except as otherwise provided in this chapter, a creditor or assignee of the beneficiary may not reach the interest or a distribution by the trustee before its receipt by the beneficiary.
[ 2003, c. 618, Pt. A, 1 (NEW); 2003, c. 618, Pt. A, 2 (AFF) .]
SECTION HISTORY
2003, c. 618, A1 (NEW). 2003, c. 618, A2 (AFF).
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