55-16-14. Multiple qualified dispositions in same trust instrument.
If more than one qualified disposition is made by means of the same trust instrument:
(1)The making of a subsequent qualified disposition shall be disregarded in determining whether a creditor's claim with respect to a prior qualified disposition is extinguished as provided in §55-16-10; and
(2)Any distribution to a beneficiary is deemed to have been made from the latest such qualified disposition.
Source: SL 2005, ch 261, §14.