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2020 Nebraska Revised Statutes
Chapter 30 - Decedents' Estates; Protection of Persons and Property
30-3847 (UTC 502) Spendthrift provision.
Universal Citation: NE Code § 30-3847 (2020)
30-3847. (UTC 502) Spendthrift provision.
(UTC 502) (a) A spendthrift provision is valid only if it restrains both voluntary and involuntary transfer of a beneficiary's interest.
(b) 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.
(c) A beneficiary may not transfer an interest in a trust in violation of a valid spendthrift provision and, except as otherwise provided in sections 30-3846 to 30-3852, a creditor or assignee of the beneficiary may not reach the interest or a distribution by the trustee before its receipt by the beneficiary.
Source
- Laws 2003, LB 130, ยง 47.
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