A Spendthrift is someone who spends money prodigally and is extravagant and recklessly wasteful. The origin of the word is someone who is able to spend money acquired by the thrift of predecessors or ancestors. Money is any marketable good or token used by a society as a store of value, a medium of exchange, or a unit of account. ... Thrifts include savings and loan associations, savings banks, and credit unions. ... An ancestor is a parent or (recursively) the parent of an ancestor. ...
Historical examples of spenthrifts include George IV, Ludwig II and Marie Antoinette. The term is often applied sarcastically in the press as an adjective to government's who are thought to be wasting public money. George IV King of the United Kingdom George IV (George Augustus Frederick) (12 August 1762–26 June 1830) was King of the United Kingdom and Hanover from 29 January 1820. ... Ludwig (Louis) II, King of Bavaria, Ludwig Friedrich Wilhelm, also known as Ludwig the Mad, and Mad King Ludwig (August 25, 1845 - June 13, 1886) was king of Bavaria from 1864 until his death. ... Marie-Antoinette, Queen of France and Archduchess of Austria (born November 1755 – executed 16 October 1793) Daughter of Maria Theresa of Austria, wife of Louis XVI and mother of Louis XVII. She was guillotined at the height of the French Revolution. ... An adjective is a part of speech which modifies a noun, usually making its meaning more specific. ...
As a yearling, Spendthrift was acquired by Daniel Swigert, master of Elmendorf Farm near Lexington.
Spendthrift was unbeaten as a two-year-old, and what was more, his campaign had attracted the attention of horsemen in the east.
Spendthrift finished second to Dan Sparling, the race more notable as the event which led to the ruin of Harold, that colt suffering a ruptured blood vessel during the running of the race which affected him throughout the rest of his career.
A spendthrift trust is a trust that is created for the benefit of a person (often because he or she is unable to control spending) that gives an independent trustee full authority to make decisions as to how the trust funds may be spent for the benefit of the beneficiary.
Most well drafted irrevocable trusts contain spendthrift provisions even though the beneficiaries are not spendthrifts since the provision protects the trust and the beneficiary in the event a beneficiary is sued and a judgment creditor attempts to attach the beneficiary's interest in the trust.
(b) A declaration in a trust instrument that the interest of a beneficiary shall be held subject to a "spendthrift trust" is sufficient to restrain voluntary or involuntary alienation of the interest by a beneficiary to the maximum extent permitted by this subtitle.
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