55-905. FRAUDULENT TRANSFERS OF PERSONALTY. All deeds of gift, all conveyances, and all transfers or assignments, oral or written, of goods, chattels, or things in action, made in trust for the use of the person making the same, are void as against the creditors, existing or subsequent, of such person. However, a settlor’s retained right to receive distributions from a trust in an amount equal to or less than the federal and state income tax liability incurred by such settlor as a result of such trust being characterized as a grantor trust pursuant to the rules of the Internal Revenue Code of 1986, as amended, sections 671 through 679, inclusive, shall not be considered a deed of gift, conveyance, transfer or assignment that is made in trust for the use of the person making the same.
History:
[(55-905) 1863, p. 540, sec. 11; R.S., sec. 3019; reen. R.C. & C.L., sec. 3168; C.S., sec. 5432; I.C.A., sec. 54-905; am. 2007, ch. 68, sec. 5, p. 182.]
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