§ 28-76-102. Definitions. [Effective January 1, 2020.]
As used in this chapter: (1) “Breach of trust” includes a violation by a trust director or trustee of a duty imposed on that director or trustee by the terms of the trust, this chapter, or law of this state other than this chapter pertaining to trusts. (2) “Directed trust” means a trust for which […]
§ 28-76-103. Application — Principal place of administration. [Effective January 1, 2020.]
(a) This chapter applies to a trust, whenever created, that has its principal place of administration in this state, subject to the following rules: (1) If the trust was created before January 1, 2020, this chapter applies only to a decision or action occurring on or after January 1, 2020. (2) If the principal place […]
§ 28-76-104. Common law and principles of equity. [Effective January 1, 2020.]
The common law and principles of equity supplement this chapter, except to the extent modified by this chapter or law of this state other than this chapter.
§ 28-76-105. Exclusions. [Effective January 1, 2020.]
(a) In this section, “power of appointment” means a power that enables a person acting in a nonfiduciary capacity to designate a recipient of an ownership interest in or another power of appointment over trust property. (b) This chapter does not apply to a: (1) power of appointment; (2) power to appoint or remove a […]
§ 28-76-106. Powers of trust director. [Effective January 1, 2020.]
(a) Subject to § 28-76-107, the terms of a trust may grant a power of direction to a trust director. (b) Unless the terms of a trust provide otherwise: (1) a trust director may exercise any further power appropriate to the exercise or nonexercise of a power of direction granted to the director under subsection […]
§ 28-76-107. Limitations on trust director. [Effective January 1, 2020.]
A trust director is subject to the same rules as a trustee in a like position and under similar circumstances in the exercise or nonexercise of a power of direction or further power under § 28-76-106(b)(1) regarding: (1) a payback provision in the terms of a trust necessary to comply with the reimbursement requirements of […]
§ 28-76-108. Duty and liability of trust director. [Effective January 1, 2020.]
(a) Subject to subsection (b), with respect to a power of direction or further power under § 28-76-106(b)(1): (1) a trust director has the same fiduciary duty and liability in the exercise or nonexercise of the power: (A) if the power is held individually, as a sole trustee in a like position and under similar […]
§ 28-76-109. Duty and liability of directed trustee. [Effective January 1, 2020.]
(a) A directed trustee shall take reasonable action to comply with a trust director’s direction given to the directed trustee by a trust director acting within the scope of the powers expressly granted to the trust director in the trust instrument, and except as otherwise provided in the trust instrument, the directed trustee is not […]
§ 28-76-110. Duty to provide information to trust director or trustee. [Effective January 1, 2020.]
(a) Subject to § 28-76-111, a trustee shall provide information to a trust director to the extent the information is reasonably related both to: (1) the powers or duties of the trustee; and (2) the powers or duties of the director. (b) Subject to § 28-76-111, a trust director shall provide information to a trustee […]
§ 28-76-111. No duty to monitor, inform, or advise. [Effective January 1, 2020.]
(a) Unless the terms of a trust provide otherwise: (1) a trustee does not have a duty to: (A) monitor a trust director; or (B) inform or give advice to a settlor, beneficiary, trustee, or trust director concerning an instance in which the trustee might have acted differently than the director; and (2) by taking […]