72-40-117. Limitation of action against trust director
72-40-117. Limitation of action against trust director. (1) An action against a trust director for breach of trust must be commenced within the same limitation period as under 72-38-1005 for an action for breach of trust against a trustee in a like position and under similar circumstances. (2) A report or accounting has the same effect on […]
72-40-118. Defenses in action against trust director
72-40-118. Defenses in action against trust director. In an action against a trust director for breach of trust, the director may assert the same defenses a trustee in a like position and under similar circumstances could assert in an action for breach of trust against the trustee. History: En. Sec. 14, Ch. 325, L. 2021.
72-40-119. Jurisdiction over trust director
72-40-119. Jurisdiction over trust director. (1) By accepting appointment as a trust director of a trust subject to this part, the director submits to personal jurisdiction of the courts of this state regarding any matter related to a power or duty of the director. (2) This section does not preclude other methods of obtaining jurisdiction over a […]
72-40-120. Office of trust director
72-40-120. Office of trust director. Unless the terms of a trust provide otherwise, the rules applicable to a trustee apply to a trust director regarding the following matters: (1) acceptance under 72-38-701; (2) giving of bond to secure performance under 72-38-702; (3) reasonable compensation under 72-38-708; (4) resignation under 72-38-705; (5) removal under 72-38-706; and (6) vacancy and appointment of successor under […]
72-40-121. Uniformity of application and construction
72-40-121. Uniformity of application and construction. In applying and construing this uniform act, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it. History: En. Sec. 17, Ch. 325, L. 2021.
72-40-122. Relation to electronic signatures in global and national commerce act
72-40-122. Relation to electronic signatures in global and national commerce act. This part modifies, limits, or supersedes the Electronic Signatures in Global and National Commerce Act, 15 U.S.C. 7001 et seq., but does not modify, limit, or supersede section 101(c) of that act, 15 U.S.C. 7001(c), or authorize electronic delivery of any of the notices described […]
72-40-113. Duty and liability of directed trustee
72-40-113. Duty and liability of directed trustee. (1) Subject to subsection (2), a directed trustee shall take reasonable action to comply with a trust director’s exercise or nonexercise of a power of direction or further power under 72-40-110(2)(a), and the trustee is not liable for the action. (2) A directed trustee may not comply with a trust […]
72-40-114. Duty to provide information to trust director or trustee
72-40-114. Duty to provide information to trust director or trustee. (1) Subject to 72-40-115, a trustee shall provide information to a trust director to the extent the information is reasonably related both to: (a) the powers or duties of the trustee; and (b) the powers or duties of the director. (2) Subject to 72-40-115, a trust director shall provide […]
72-40-115. No duty to monitor, inform, or advise
72-40-115. No duty to monitor, inform, or advise. (1) Unless the terms of a trust provide otherwise: (a) a trustee does not have a duty to: (i) monitor a trust director; or (ii) 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; […]
72-40-116. Application to cotrustee
72-40-116. Application to cotrustee. The terms of a trust may relieve a cotrustee from duty and liability with respect to another cotrustee’s exercise or nonexercise of a power of the other cotrustee to the same extent that in a directed trust a directed trustee is relieved from duty and liability with respect to a trust director’s […]