Section 55-16-15 - Application of chapter(1) Notwithstanding the provisions of §§ 55-16-9 to 55-16-14, inclusive, but subject to subdivision (2) of this section, this chapter does not apply in any respect to any person to whom at the time of transfer the transferor is indebted on account of an agreement or order of court for the payment of support or alimony in favor of the transferor's spouse, former spouse, or children, or for a division or distribution of property in favor of the transferor's spouse or former spouse, to the extent of the debt.(2) If the transferor is married at the time of the transfer, the provisions of §§ 55-16-9 to 55-16-14, inclusive, and this chapter apply to:(a) Any of the transferor's separate property transferred to the trust; and(b) Any marital property transferred to the trust if the spouse or former spouse was provided with notice in the form set forth in subdivision (3) of this section, or executed a written consent to the transfer after being provided the information set forth in the notice.(3) For purposes of the application of this section, a notice of transfer of property to a trust subject to this chapter:(a) Shall also contain the following language, in capital letters, at or near the top of the notice: YOUR SPOUSE IS CREATING A PERMANENT TRUST INTO WHICH PROPERTY IS BEING TRANSFERRED.
YOUR RIGHTS TO THIS PROPERTY MAY BE AFFECTED DURING YOUR MARRIAGE, UPON DIVORCE (INCLUDING THE PAYMENT OF CHILD SUPPORT OR ALIMONY OR A DIVISION OR DISTRIBUTION OF PROPERTY IN A DIVORCE), OR AT THE DEATH OF YOUR SPOUSE.
YOU HAVE A VERY LIMITED PERIOD OF TIME TO OBJECT TO THE TRANSFER OF PROPERTY INTO THIS TRUST.
YOU MAY, UPON REQUEST TO THE TRUSTEE AT THE ADDRESS BELOW, BE FURNISHED A COPY OF THE TRUST DOCUMENT.
IF YOU HAVE ANY QUESTIONS, YOU SHOULD IMMEDIATELY SEEK INDEPENDENT LEGAL ADVICE.
IF YOU FAIL TO OBJECT WITHIN THE REQUIRED TIME PERIOD, YOU WILL HAVE CONSENTED TO THE TRANSFER OF PROPERTY INTO THIS TRUST.
(b) Shall contain a description of the property being transferred to the trust and the name of the trust;(c) May require that any person who is eligible to receive information pursuant to this section be bound by the duty of confidentiality that binds the trustee before receiving such information from the trustee; and(d) Shall be provided by the transferor, the transferor's agent, the trustee, or other fiduciary of the trust.(4) If a notice is provided under this section before the property is transferred, the period to commence an action under § 55-16-10 shall commence running on the date of the transfer. If a notice is provided after the date the property is transferred, the period to commence an action pursuant to § 55-16-10 commences running on the date the notice is provided. In no event may the period to commence an action to challenge a transfer under this section and § 55-16-10 exceed the period set forth in § 54-8A-9.(5) The exception contained in subdivision (1) of this section does not apply to any claim for forced heirship or legitime.(6) Subdivisions (2) to (4), inclusive, of this section apply to any transfer made after June 30, 2014.SL 2005, ch 261, §15; SL 2011, ch 212, §17; SL 2013, ch 239, §19; SL 2014, ch 226, §20.Amended by S.L. 2014, ch. 226,s. 20, eff. 7/1/2014.