4-10-523. Qualified transfer affidavit.
(a) A qualified transfer affidavit shall be in writing, sworn to by the settlor, and shall include each of the following statements:
(i) The settlor has full right, title and authority to transfer the property to the qualified spendthrift trust;
(ii) The transfer of the property to the qualified spendthrift trust will not render the settlor insolvent;
(iii) The settlor does not intend to defraud any creditors by transferring the property to the qualified spendthrift trust;
(iv) The settlor does not have any pending or threatened court actions against him, except for those court actions identified in the affidavit;
(v) The settlor is not involved in any administrative proceedings, except for those administrative proceedings identified in the affidavit;
(vi) At the time of the transfer of the property to the qualified spendthrift trust, the settlor is not in default of a child support obligation by more than thirty (30) days;
(vii) The settlor does not contemplate the filing for relief under the provisions of the federal Bankruptcy Code;
(viii) The property transferred to the qualified spendthrift trust was not derived from any unlawful activities;
(ix) The settlor has and shall maintain personal liability insurance of at least one million dollars ($1,000,000.00) or shall provide coverage equal to the fair market value of the settlor's total qualified transfers to qualified spendthrift trusts, whichever is less. This affidavit requirement shall not apply to a qualified transfer to a trust created by a court order under W.S. 3-3-607 or an irrevocable income trust created under W.S. 42-2-403(f)(ii) and 42 U.S.C. 1396p(d)(4)(B).
Structure Wyoming Statutes
Chapter 10 - Uniform Trust Code
Article 5 - Creditor's Claims; Spendthrift and Discretionary Trusts
Section 4-10-501 - Rights of Beneficiary's Creditor or Assignee.
Section 4-10-502 - Spendthrift Provision.
Section 4-10-503 - Exceptions to Spendthrift Provision.
Section 4-10-504 - Discretionary Trusts; Effect of Standard.
Section 4-10-505 - Standards of Distribution.
Section 4-10-505.1 - Power of Appointment or Withdrawal; Claims of Power Holder's Creditors.
Section 4-10-506 - Creditor's Claim Against Settlor.
Section 4-10-507 - Limitation on Action by Creditors.
Section 4-10-507.1 - Enforcement of Foreign Judgments; Liability for Compliance.
Section 4-10-508 - Overdue Mandatory Distribution.
Section 4-10-509 - Personal Obligations of Trustee.
Section 4-10-510 - Creation of Qualified Spendthrift Trust.
Section 4-10-511 - Qualified Trust Property.
Section 4-10-512 - Qualified Transfers; Exception.
Section 4-10-513 - Other Qualified Transfers.
Section 4-10-514 - Action Brought Pursuant to Provisions of Uniform Fraudulent Transfer Act.
Section 4-10-515 - Transfer by a Trustee; Time of Transfer.
Section 4-10-516 - Election to Become a Qualified Spendthrift Trust by Existing Trust.
Section 4-10-517 - Rights of Creditors or Others With Respect to Qualified Spendthrift Trust.
Section 4-10-518 - Actions Prohibited if Action by Creditor Would Be Barred.
Section 4-10-519 - Multiple Qualified Transfers in Same Trust Instrument.
Section 4-10-520 - Limitations on Qualified Trust Property.