California Code of Regulations
Title 10 - Investment
Chapter 3 - Commissioner of Financial Protection and Innovation
Subchapter 2 - Corporate Securities
Article 1 - Definitions
Section 260.019.1 - Voluntary Inter Vivos Trusts

Universal Citation: 10 CA Code of Regs 260.019.1

Current through Register 2024 Notice Reg. No. 38, September 20, 2024

(a) The term "voluntary inter vivos trust" as used in Section 25019 of the Code includes, but is not limited to, (1) either a charitable remainder annuity trust or charitable remainder unitrust as defined in Section 664 of the Internal Revenue Code, and (2) a pooled income fund as defined in Section 642(c)(5) of the Internal Revenue Code.

(b) A trust is presumptively a "voluntary inter vivos trust" within the meaning of that term as used in Section 25019 of the Code if each of the following conditions is met:

(1) It is an express trust created during the life of the trustor, which trust may be revocable or irrevocable.

(2) The obligations of the trustee are in accord with Article 2 (commencing with Section 2258) of Division Third, Part 4, Title 8, Chapter 1 of the Civil Code, and the trustee is not authorized or directed, expressly or by implication, to commingle by loan or otherwise the corpus or any part thereof with the personal assets of the trustee, or with the assets of any person entitled to a remainder interest.

(3) No beneficiary, other than the trustor if the trustor is a beneficiary, and no person entitled to any remainder interest in the trust, pays any consideration for such interest.

(c) This section does not create any presumption that a trust not conforming to this section is not a voluntary inter vivos trust. This section does not create a presumption that a trust is or is not formed for the purpose of carrying on a business or solely for the purposes of voting.

1. New section filed 1-22-75; effective thirtieth day thereafter (Register 75, No. 4).
2. Editorial correction of NOTE filed 3-9-83 (Register 83, No. 11).

Note: Authority cited: Section 25610, Corporations Code. Reference: Section 25019, Corporations Code.

Disclaimer: These regulations may not be the most recent version. California may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.