30-3839 (UTC 413) Cy pres. - Nebraska Statutes

30-3839. (UTC 413) Cy pres.(UTC413) (a) Except as otherwise provided in subsection (b) of this section, ifa particular charitable purpose becomes unlawful, impracticable, impossibleto achieve, or wasteful:(1) the trust does not fail, in whole or in part;(2) the trust property does not revert to the settlor or the settlor'ssuccessors in interest; and(3) the court may apply cy pres to modify or terminate the trust bydirecting that the trust property be applied or distributed, in whole or inpart, in a manner consistent with the settlor's charitable purposes.(b) Subsection (a) ofthis section does not apply if the document creating the charitable interestexpressly provides for an alternate disposition of the charitable interestin the event the charitable purpose becomes unlawful, impracticable, impossibleto achieve, or wasteful. A general residuary disposition by trust shall notbe considered an express provision for an alternate disposition.(c) This section shallnot be deemed to limit application of the common law doctrines of cy presand deviation or section 58-615. SourceLaws 2003, LB 130, § 39; Laws 2010, LB758, § 4.Effective Date: July 15, 2010