In Search of a Unifying Principle for Article V of the Uniform Trust Code: A Response to Professor Danforth
Schoenblum, Jeffrey A.
:
2006
Abstract
Professor Robert Danforth's exploration of spendthrift trusts in
Article Five of the UTC and the Future of Creditors 'Rights in Trusts is a
superb piece of work. Professor Danforth analyzes with considerable
acuity the ins and outs of the specific rights creditors and beneficiaries of
trusts have under the Uniform Trust Code (UTC). His article clearly
represents the most detailed analysis of the new Code's approach to
spendthrift trusts.
Professor Danforth is determined to establish that Article V is not as
creditor-friendly as its critics claim.2 His article is essentially an apologia,
coupled with some proposed modifications so as to leave no doubt about
this. However, in his zeal to defend Article V and refute the contention
that it is too creditor-friendly, Professor Danforth strikingly ignores its
manifold shortcomings. Article V is a missed opportunity to legislate a
coherent theory of creditor rights and spendthrift protections. As drafted,
it is a disappointing amalgam of often contradictory, formalistic rules.
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