Maine Revised Statutes

§502. Spendthrift provision

1. Restrains voluntary and involuntary transfers.  A spendthrift provision is valid only if it restrains both voluntary and involuntary transfer of a beneficiary's interest.
[ 2003, c. 618, Pt. A, §1 (NEW); 2003, c. 618, Pt. A, §2 (AFF) .]
2. Terminology.  A term of a trust providing that the interest of a beneficiary is held subject to a "spendthrift trust," or words of similar import, is sufficient to restrain both voluntary and involuntary transfer of the beneficiary's interest.
[ 2003, c. 618, Pt. A, §1 (NEW); 2003, c. 618, Pt. A, §2 (AFF) .]
3. No transfer by beneficiary; creditors and assignees.  A beneficiary may not transfer an interest in a trust in violation of a valid spendthrift provision and, except as otherwise provided in this chapter, a creditor or assignee of the beneficiary may not reach the interest or a distribution by the trustee before its receipt by the beneficiary.
[ 2003, c. 618, Pt. A, §1 (NEW); 2003, c. 618, Pt. A, §2 (AFF) .]
SECTION HISTORY
2003, c. 618, §A1 (NEW). 2003, c. 618, §A2 (AFF).