N.J.S.A. 3B:31-5 — Default and mandatory rules.

3B:31-5 Default and mandatory rules. 3B:31-5. Default and Mandatory Rules. a. Except as otherwise provided in the terms of the trust, this act governs the duties and powers of a trustee, relations among trustees, and the rights and interests of a beneficiary. b. The terms of a trust prevail over any provision of this act except: (1) the requirements for creating a trust; (2) the duty of a trustee to act in good faith and in accordance with the purposes of the trust; (3) the requirement that a trust and its terms be for the benefit of its beneficiaries, and that the trust have a purpose that is lawful, not contrary to public policy, and possible to achieve; (4) the power of the court to modify or terminate a trust under N.J.S.3B:31-26 through N.J.S.3B:31-33; (5) the effect of a spendthrift provision and the rights of certain creditors and assignees to reach a trust as provided in article 4 of this act; (6) the power of the court under N.J.S.3B:31-47 to require, dispense with, or modify or terminate a bond; (7) the duty under subsections a. and b. of N.J.S.3B:31-67 to respond to the request of a qualified beneficiary of an irrevocable trust who has attained the age of 35 years for a copy of the trust instrument or for other information reasonably related to the administration of the trust; (8) the effect of an exculpatory term under N.J.S.3B:31-77; (9) the rights under N.J.S.3B:31-79 through N.J.S.3B:31-81 of a person other than a trustee or beneficiary; (10) periods of limitation for commencing a judicial proceeding; and (11) the power of the court to take such action and exercise such jurisdiction as may be necessary in the interests of justice. L.2015, c.276, s.1.

This is the verbatim text of N.J.S.A. 3B:31-5, 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.