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Current as of January 01, 2025 | Updated by Findlaw Staff
(1) As used in this section, the term “mandatory distribution” means a distribution of income or principal the trustee is required to make to a beneficiary under the terms of the trust, including a distribution on termination of the trust. The term does not include a distribution subject to the exercise of the trustee's discretion, even if:
(a) The discretion is expressed in the form of a standard of distribution; or
(b) The terms of the trust authorizing a distribution couple language of discretion with language of direction.
(2) A creditor or assignee of a beneficiary may reach a mandatory distribution of income or principal, including a distribution upon termination of the trust, if the trustee has not made the distribution to the beneficiary within a reasonable time after the designated distribution date, whether or not a trust contains a spendthrift provision.
Cite this article: FindLaw.com - Florida Statutes Title XLII. Estates and Trusts § 736.0506. Overdue distribution - last updated January 01, 2025 | https://codes.findlaw.com/fl/title-xlii-estates-and-trusts/fl-st-sect-736-0506/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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