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. (1) Fraud;
2. (2) Duress;
3. (3) Revocation;
4. (4) Lack of contractual capacity;
5. (5) Undue influence;
6. (6) Mistake;
7. (7) Forgery; or
8. (8) Irregularity in the execution of the trust document.

Source: SL 2012, ch 233 , § 8.