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Loan and Mortgage Terms Glossary

Spendthrift Provision:

Conditions written into a trust instrument that are designed to prevent the beneficiary from spending income from the trust extravagantly or wastefully. Spendthrift provisions limit the right of the beneficiary in disposing of his or her interest in the trust, such as by assignment, and limit the right of creditors to reach it, such as by attachment.


 
     
 
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