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The Uniform Trust Code: An Analysis Of Ohio's Version, Alan Newman
The Uniform Trust Code: An Analysis Of Ohio's Version, Alan Newman
Akron Law Faculty Publications
THE UNIFORM TRUST CODE: AN ANALYSIS OF OHIO'S VERSION
The Uniform Trust Code (UTC), which was promulgated in 2000, is the first national codification of the law of trusts. It has been adopted, with modifications, in 19 jurisdictions and is under consideration for adoption in many others. The Ohio Trust Code (OTC), which includes many significant modifications from the UTC, was enacted in June 2006, with an effective date of January 1, 2007.
The OTC is the product of extensive study of the UTC by a joint committee of members of the Estate Planning, Trust, and Probate Law Section of …
Powers Of Withdrawal, Claims For Set-Off, And Spendthrift Protection, Alan Newman
Powers Of Withdrawal, Claims For Set-Off, And Spendthrift Protection, Alan Newman
Akron Law Faculty Publications
If a beneficiary of a spendthrift trust has a right to withdraw property from the trust, may the beneficiary’s creditors reach the assets subject to the withdrawal power? That was the principle question recently addressed by the 1st District Court of Appeals in Great American Insurance Company v. Thompson Trust. Also of interest: the case may have involved an offset by the trustee of amounts distributable to the beneficiary to repay amounts owed by the beneficiary to the trust.
Report On Hb 416: The Ohio Trust Code As Enacted, Alan Newman
Report On Hb 416: The Ohio Trust Code As Enacted, Alan Newman
Akron Law Faculty Publications
Report on HB 416: The Ohio Trust Code As Enacted
This Report begins with a discussion of policy considerations related to the 2007 enactment of the Ohio Trust Code (OTC). Next, it discusses how the OTC will be incorporated into the Ohio Revised Code. The Report then discusses many of the OTC’s provisions, in the same order as those provisions are included in the OTC. The focus of the discussion of OTC provisions is on those that will change existing Ohio law, or that are changes from the Uniform Trust Code (UTC). Thus, the Report does not provide a general …
Spendthrift And Discretionary Trusts: Alive And Well Under The Uniform Trust Code, Alan Newman
Spendthrift And Discretionary Trusts: Alive And Well Under The Uniform Trust Code, Alan Newman
Akron Law Faculty Publications
Spendthrift and Discretionary Trusts: Alive and Well under the Uniform Trust Code
Among the provisions of the Uniform Trust Code (“UTC” or the “Code”) that have attracted the most attention are those of Article 5: Creditor’s Claims; Spendthrift and Discretionary Trusts. Although much of the UTC is a codification of the common law of trusts, there are many differences among the states in their handling of various creditors’ rights issues, and many jurisdictions have no law on some of those issues. As a result, there is no well-accepted, established common law on some of the issues addressed by Article 5. …
The Intention Of The Settlor Under The Uniform Trust Code: Whose Property Is It, Anyway?, Alan Newman
The Intention Of The Settlor Under The Uniform Trust Code: Whose Property Is It, Anyway?, Alan Newman
Akron Law Faculty Publications
The Intention of the Settlor Under the Uniform Trust Code: Whose Property Is It, Anyway?
The question of the extent to which the owner of property may transfer it gratuitously, subject to enforceable restrictions on alienability and use, has a long history. To protect the living from control by the dead, as well as the alienability of property, the law traditionally has refused to enforce some such restrictions. Opposing those interests, however, is the interest in respecting the freedom of the owner of property to dispose of it subject to whatever restrictions he or she chooses to impose.
The Uniform …
The Rights Of Creditors Of Beneficiaries Under The Uniform Trust Code: An Examination Of The Compromise, Alan Newman
The Rights Of Creditors Of Beneficiaries Under The Uniform Trust Code: An Examination Of The Compromise, Alan Newman
Akron Law Faculty Publications
The Rights of Creditors of Beneficiaries under the Uniform Trust Code: An Examination of the Compromise
The new Uniform Trust Code (the “UTC”), which recently has been introduced in the District of Columbia and six states but has not yet been enacted in any jurisdiction, is described in its prefatory note as “the first comprehensive national codification of the law of trusts.” According to its Reporter:
Crafting the provisions of Article 5 on spendthrift protection and the rights of a beneficiary’s creditors to reach the trust proved to be the most difficult task in drafting the Act. The area is …