TITLE II DESCENT AND DISTRIBUTION, WILLS, ESTATES OF DECEASED PERSONS AND ABSENTEES, GUARDIANSHIP, CONSERVATORSHIP AND TRUSTSPrev Next
[Text of section applicable as provided by 2012, 140, Sec. 66.]
Section 409. Non-charitable trust without ascertainable beneficiary.
Except as otherwise provided in section 408, or by another general or special law, the following rules shall apply:
(1) A trust may be created for a non-charitable purpose without a definite or definitely ascertainable beneficiary or for a non-charitable but otherwise valid purpose to be selected by the trustee.
(2) A trust authorized by this section may be enforced by a person appointed in the terms of the trust or, if no person is so appointed, by a person appointed by the court.
(3) Property of a trust authorized by this section may be applied only to its intended use, except to the extent the court determines that the value of the trust property exceeds the amount required for the intended use. Property not required for the intended use shall be distributed to the settlor, if then living, otherwise to the settlor’s successors in interest, unless the terms of the trust provide otherwise.