Idaho Code
§15-7-601. PURPOSE TRUST
(1) A trust may be
created for any purpose, charitable or
noncharitable, under the terms of a trust agreement
or will. A noncharitable trust so created is a
purpose trust and shall exist to serve a purpose.
(2) A purpose trust
does not need a beneficiary.
(3) A purpose
trust shall be enforceable on the terms set forth
in the trust agreement by the person named to
enforce the trust; provided however, that the
failure to name a person to enforce the trust
shall not void the trust or otherwise cause it to be
unenforceable.
(4) A person named
to enforce a purpose trust may resign or be removed
or replaced in accordance with the trust.
(5) If the person
named to enforce the trust resigns, or is removed,
or is unwilling or unable to act, and if no
successor is named in accordance with the trust,
the trustee shall forthwith apply to the court
having jurisdiction of the purpose trust for
directions or for a person to be appointed by the
court to enforce the trust. The court having
jurisdiction of the purpose trust shall be empowered
to make an order appointing a person to enforce the
trust on such terms as it sees fit and to designate
how successors will be named.
(6) During any
period of time when no person is named or acting
to enforce a purpose trust, the court having
jurisdiction of the purpose trust shall have the
right to exercise all powers necessary to enforce
the trust in order to serve the purpose for which it
was created.
(7) Any
interested person, as defined in section
15-1-201(24), Idaho Code, may bring an action under
law or equity to enforce a purpose trust.
(8) Charitable
trusts are not governed by this section.
(9) A purpose trust
created prior to July 1, 2005, shall be valid and
enforceable from the date of the trust's creation. |