60. Trusts to pay debts.

A trust of the income of any property to be accumulated or applied for the purpose of paying incumbrances or debts of the settlor or testator or of any other person, or any similar provision for such debts or incumbrances, where the accumulation for a period invalid under the rule against perpetuities is not made a condition precedent to the employment of the property for that purpose, is not invalid, even though it may last for an indefinite period1. The same rule appears to apply to provisions for indemnity or exoneration2.

A trust for payment of debts does not in