58a-409. Noncharitable trust without ascertainable beneficiary.
58a-409
58a-409. Noncharitable trust withoutascertainable beneficiary.Except as otherwise provided inK.S.A. 58a-408, andamendmentsthereto, or by another statute, the followingrules apply:
(1) A trust may be created for a noncharitable purpose without a definite ordefinitelyascertainable beneficiary or for a noncharitable but otherwise valid purpose tobe selected by thetrustee. The trust may not be enforced for more than 21 years.
(2) A trust authorized by this section may be enforced by a person appointedin the terms ofthe trust or, if no person is so appointed, by a person appointed by the court.
(3) Property of a trust authorized by this section may be applied only to itsintended use,except to the extent the court determines that the value of the trust propertyexceeds the amountrequired for the intended use. Except as otherwise provided in the terms ofthe trust, property notrequired for the intended use may bedistributed to the settlor, if then living, otherwise to thesettlor's successors in interest.
History: L. 2002, ch. 133, § 30; Jan. 1, 2003.