N.C. Gen. Stat. § 36C-5-508

Current through Session Law 2024-56

Section 36C-5-508 - Protective trusts

Except with respect to an interest retained by the settlor, a "protective trust interest" means an interest in a trust in which the terms of the trust provide that the interest terminates or becomes discretionary if:

(1) The beneficiary alienates or attempts to alienate that interest; or

(2) Any creditor attempts to reach the beneficiary's interest by attachment, levy, or otherwise; or

(3) The beneficiary becomes insolvent or bankrupt.

N.C. Gen. Stat. § 36C-5-508

Added by 2005 N.C. Sess. Laws 192, s. 2, eff. 1/1/2006.