P.R. Laws tit. 32, § 3353z

2019-02-20 00:00:00+00
§ 3353z. Effects of nullity

Unless the trustor has expressly manifested an intention to the contrary, the trust property shall be reverted to the trustor or his heirs, free from trust, if:

(a) The purposes of the trust are fulfilled without exhausting the assets, unless it was constituted for valuable consideration and paid by a third-party, in which case said third-party shall hold the assets;

(b) the trust was created for a term greater than that allowed by this Code, except as provided in the second paragraph of § 3351e of this title;

(c) the trustee holds the title or use of the trust property in a manner contrary to the terms of the trust, or derives a personal gain or benefit as a result of the confidence placed on him;

(d) the inter vivos trust does not meet the formal requirements of § 3453 of Title 31, and neither the trustor nor the trustee or the beneficiary invoke the rights granted thereto by § 3452 of Title 31; or

(e) a charitable trust created gratuitously becomes null because its purposes cannot be fulfilled or are fulfilled without exhausting the assets, unless the rule set forth in Article 68 can be applied (Cy Pres rule);

(f) a charitable trust may be null because it is unlawful.

History —Aug. 31, 2012, No. 219, § 60.