Creditors of Any Trust Beneficiary Can Attach the Fund or the Income

question 23

True/False

Creditors of any trust beneficiary can attach the fund or the income to pay the beneficiary's individual debts.

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Definitions:

Nominal Performance

A minimal or token action that barely meets the terms of a contract, often used to avoid breaching the agreement.

Substitution

In law or economics, the act of replacing one party or element of a contract with another.

Rescission

The act of canceling or annulling a contract, returning the parties involved to their positions prior to the agreement.

Nominal Damages

Monetary damages awarded to a plaintiff in a very small amount, typically $1 to $5, to signify that the plaintiff has been wronged by the defendant even though the plaintiff suffered no compensable harm.