Code of Alabama |
Match Context and Document information |
URL: | http://alisondb.legislature.state.al.us/alison/CodeOfAlabama /1975/19-3B-502.htm |
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Depth: | 0 singles |
Size: | 1,053 bytes |
Modified: | 2008-03-20 08:12:40 |
Categories: | -None- |
Title: | 19-3B-502 |
Description: | -None- |
Keywords: | -None- |
Meta data: | -None- |
Body: | Section 19-3B-502 Spendthrift provision. (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 this article, a creditor or assignee of the beneficiary may not reach the interest or a distribution by the trustee before its receipt by the beneficiary. (Act 2006-216, p. 314, ยง1.) |