Minn. Stat. § 501C.0506

Current through 2023, c. 127
Section 501C.0506 - OVERDUE DISTRIBUTION
(a) In this section, "mandatory distribution" means a distribution of income or principal which the trustee is required to make to a beneficiary under the terms of the trust, including a distribution upon termination of the trust. The term does not include a distribution subject to the exercise of the trustee's discretion even if (1) the discretion is expressed in the form of a standard of distribution, or (2) the terms of the trust authorizing a distribution couple language of discretion with language of direction.
(b) Whether or not a trust contains a spendthrift provision, a creditor or assignee of a beneficiary may reach a mandatory distribution of income or principal, including a distribution upon termination of the trust, if the trustee has not made the distribution to the beneficiary within a reasonable time after the designated distribution date.

Minn. Stat. § 501C.0506

2015 c 5 art 5 s 4

Added by 2015 Minn. Laws, ch. 5,s 5-4, eff. 1/1/2016.