55-1-28. Interest of beneficiary or others not reachable by creditors.
No creditor may reach an interest of a beneficiary or of any other person on the grounds that the beneficiary or other person holds, either alone or in conjunction with another person, either or both of the following:
(1)An unconditional or conditional power to remove a trustee; or
(2)An unconditional or conditional power to replace a trustee.
The powers to remove or replace a trustee are personal to the power holder. No court may order, direct, or otherwise compel a power holder to directly or indirectly exercise the power to remove or replace a trustee for the purpose of directly or indirectly satisfying, either in whole or in part, any claim or judgment against the power holder or a beneficiary.
The powers to remove or replace a trustee, whether exercisable alone or in conjunction with another person, are not a property interest.
No creditor may reach an interest of a beneficiary on the grounds that the beneficiary is also a trustee or a co-trustee and no court may foreclose against such an interest. No court may order, direct, or otherwise compel a distribution because the beneficiary is then serving as a trustee or co-trustee.
Source: SL 2007, ch 280, §5; SL 2009, ch 252, §4; SL 2013, ch 239, §21.