N.J. Stat. § 3B:31-29

Current through L. 2023, c. 194.
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.

N.J.S. § 3B:31-29

Added by L. 2015, c. 276,s. 1, eff. 7/17/2016.