Bill > SB0238

This bill amends the existing law on asset protection trusts in Utah. It clarifies the definition of a "creditor" and introduces a new term "domestic support obligation," which includes child support, spousal support, and unsatisfied claims from divorce proceedings. It also defines "insolvent" and expands the types of permissible distributions from the trust to the settlor. The bill adds new requirements for the trust instrument, such as providing that the trust is governed by Utah law, having at least one Utah resident trustee, and restricting the settlor's ability to revoke or amend the trust. The bill also outlines the consequences for not meeting these requirements, including the loss of the trust's asset protection benefits. Additionally, the bill specifies that the court of this state has exclusive jurisdiction over claims related to the trust and clarifies the relationship between this law and the state's fraudulent transfer laws.

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https://le.utah.gov/~2019/bills/static/SB0238.html