15-7-601. PURPOSE TRUSTS. (1) A trust may be created for any purpose, charitable or noncharitable, under the terms of a trust agreement or will. A noncharitable trust so created is a purpose trust and shall exist to serve a purpose.
(2) A purpose trust does not need a beneficiary.
(3) A purpose trust shall be enforceable on the terms set forth in the trust agreement by the person named to enforce the trust; provided however, that the failure to name a person to enforce the trust shall not void the trust or otherwise cause it to be unenforceable.
(4) A person named to enforce a purpose trust may resign or be removed or replaced in accordance with the trust.
(5) If the person named to enforce the trust resigns, or is removed, or is unwilling or unable to act, and if no successor is named in accordance with the trust, the trustee shall forthwith apply to the court having jurisdiction of the purpose trust for directions or for a person to be appointed by the court to enforce the trust. The court having jurisdiction of the purpose trust shall be empowered to make an order appointing a person to enforce the trust on such terms as it sees fit and to designate how successors will be named.
(6) During any period of time when no person is named or acting to enforce a purpose trust, the court having jurisdiction of the purpose trust shall have the right to exercise all powers necessary to enforce the trust in order to serve the purpose for which it was created.
(7) Any interested person, as defined in section 15-1-201(24), Idaho Code, may bring an action under law or equity to enforce a purpose trust.
(8) Charitable trusts are not governed by this section.
(9) A purpose trust created prior to July 1, 2005, shall be valid and enforceable from the date of the trust’s creation.
History:
[15-7-601, added 2005, ch. 99, sec. 1, p. 319.]
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