No court or other judicial body shall have the authority to compel a person holding a power of revocation or amendment over a preservation trust to exercise the power of revocation or amendment. The provisions of this act shall be considered restrictions on the transferability of the grantor’s beneficial interest in the preservation trust that is enforceable under applicable nonbankruptcy law within the meaning of Section 541(c)(2) of the United States Bankruptcy Code or any successor provisions.
Added by Laws 2004, c. 509, § 7, emerg. eff. June 9, 2004. Amended by Laws 2005, c. 438, § 6, emerg. eff. June 8, 2005.
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