N.J.S.A. 3B:31-29 — Modification or termination of charitable trust (Cy Pres).

3B:31-29 Modification or termination of charitable trust (Cy Pres). 3B:31-29. Modification or Termination of Charitable Trust (Cy Pres). a. Except as otherwise provided in subsection b. of this section, if a particular charitable purpose becomes unlawful, impracticable, impossible to achieve, or wasteful: (1) the trust does not fail, in whole or in part; (2) the trust property does not revert to the settlor or the settlor's estate; and (3) the court may modify or terminate the trust by directing that the trust property be applied or distributed, in whole or in part, in a manner consistent with the settlor's charitable purposes. b. A provision in the terms of a charitable trust that would result in distribution of the trust property to a noncharitable beneficiary prevails over the power of the court under subsection a. of this section. L.2015, c.276, s.1.

This is the verbatim text of N.J.S.A. 3B:31-29, retrieved from the New Jersey Legislature's public statute corpus. Statutes are amended periodically — for the most current version, check the external source link above. Kyzer is not a law firm and this page is not legal advice.