Section 564-B:4-409 Noncharitable Trust Without Ascertainable Beneficiary. - New Hampshire Statutes

Except as otherwise provided in RSA 564-B:4-408 or by another statute, the following rules apply:
   (1) A trust may be created for a noncharitable purpose without a definite or definitely ascertainable beneficiary or for a noncharitable but otherwise valid purpose.
   (2) A trust authorized by this section may be enforced by a trustee, a trust advisor, a trust protector, a person appointed under the terms of the trust or, if no person is so appointed, by a person appointed by the court.
   (3) Except to the extent the court determines that the value of the trust property exceeds the amount required for the intended use, property of a trust authorized by this section may be applied only to its intended use, including appointing trust property to or for the benefit of an existing or new trust whose purposes are limited to one or more purposes of the original trust. Except as otherwise provided by the terms of the trust, property not required for the intended use must be distributed to the settlor, if then living, otherwise to the settlor's successors in interest.

Source. 2004, 130:1. 2006, 320:53, eff. Aug. 19, 2006. 2008, 374:8, eff. Sept. 9, 2008.