Subject to the provisions of the Family Wealth Preservation Trust Act:
1. Whether or not the terms of a trust contain a spendthrift provision, the following rules apply:
a.during the lifetime of the settlor, the property of a revocable trust is subject to the claims of the creditors of the settlor, and
b.a spendthrift provision is ineffective with respect to the settlor of a revocable trust while the trust is revocable; and
2. A creditor or assignee of the settlor may reach the maximum amount that can be distributed to or for the benefit of the settlor. If a trust has more than one settlor, the amount the creditor or assignee of a particular settlor may reach may not exceed the interest of the settlor in the portion of the trust attributable to the contribution of that settlor.
Added by Laws 2010, c. 280, § 12, eff. Nov. 1, 2010.
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