Current through L. 2024, c. 87.
Section 3B:31-29 - Modification or termination of charitable trust (Cy Pres)a. Except as otherwise provided in subsection b. of this section, if a particular charitable purpose becomes unlawful, impracticable, impossible to achieve, or wasteful: (1) the trust does not fail, in whole or in part;(2) the trust property does not revert to the settlor or the settlor's estate; and(3) the court may modify or terminate the trust by directing that the trust property be applied or distributed, in whole or in part, in a manner consistent with the settlor's charitable purposes.b. A provision in the terms of a charitable trust that would result in distribution of the trust property to a noncharitable beneficiary prevails over the power of the court under subsection a. of this section.Added by L. 2015, c. 276,s. 1, eff. 7/17/2016.