2021 Nebraska Revised Statutes
Chapter 30 - Decedents' Estates; Protection of Persons and Property
30-3851 - (UTC 506) Mandatory distribution.
30-3851. (UTC 506) Mandatory distribution.
(UTC 506) (a) In this section, "mandatory distribution" means a distribution of income or principal which the trustee is required to make to a beneficiary under the terms of the trust, including a distribution upon termination of the trust. The term does not include a distribution subject to the exercise of the trustee's discretion even if (1) the discretion is expressed in the form of a standard of distribution or (2) the terms of the trust authorizing a distribution couple language of discretion with language of direction.
(b) Whether or not a trust contains a spendthrift provision, a creditor or assignee of a beneficiary may reach a mandatory distribution of income or principal, including a distribution upon termination of the trust, if the trustee has not made the distribution to the beneficiary within a reasonable time after the designated distribution date.
Source
- Laws 2003, LB 130, § 51;
- Laws 2007, LB124, § 26.
