No contest clause defined--Enforceability

For purposes of §§ 55-1-46 to 55-1-51 , inclusive, a no contest clause is a provision or clause in a trust, that penalizes a qualified beneficiary for contesting a trust or instituting other proceedings at law or equity relating to the trust estate, excluding proceedings related to trust administration. Except as provided in §§ 55-1-47 to 55-1-51 , inclusive, a no contest clause shall be enforced unless probable cause exists for instituting the proceeding on the grounds of: (1) Fraud; (2) Duress; (3) Revocation; (4) Lack of contractual capacity; (5) Undue influence; (6) Mistake; (7) Forgery; or (8) Irregularity in the execution of the trust document. Source: SL 2012, ch 233, § 8.