402.217. Restrictions--income not subject to seizure--certain interests in income not alienable.
Restrictions--income not subject to seizure--certain interests inincome not alienable.
402.217. 1. No beneficiary shall have any vested or property rightsor interests in the family trust, nor shall any beneficiary have the powerto anticipate, assign, convey, alienate, or otherwise encumber any interestin the income or principal of the family trust, nor shall such income orthe principal or any interest of any beneficiary thereunder be liable forany debt incurred by such beneficiary, nor shall the principal or income ofthe family trust be subject to seizure by any creditor or any beneficiaryunder any writ or proceeding in law or in equity.
2. Except for the right of a donor to revoke any gift made to thetrust, pursuant to subdivision (4) of subsection 2 of section 402.215, andthe right of any acting cotrustee, other than the original donor, towithdraw all or a portion of the principal balance, pursuant to subdivision(5) of subsection 2 of section 402.215, neither the donor nor any actingcotrustee shall have the right to sell, assign, convey, alienate orotherwise encumber, for consideration or otherwise, any interest in theincome or principal of the family trust, nor shall such income or theprincipal or any interest of any beneficiary thereunder be liable for anydebt incurred by the donor or any acting cotrustee, nor shall the principalor income of the family trust be subject to seizure by any creditor of anydonor or any acting cotrustee under any writ or proceeding in law or inequity.
(L. 1991 S.B. 311, A.L. 1999 S.B. 211, A.L. 2004 H.B. 923)