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 […]
72-40-111. Limitations on trust director
72-40-111. Limitations on trust director. 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 72-40-110(2)(a) regarding: (1) a payback provision in the terms of a trust necessary to comply with the reimbursement […]
72-40-112. Duty and liability of trust director
72-40-112. Duty and liability of trust director. (1) Subject to subsection (2), with respect to a power of direction or further power under 72-40-110(2)(a): (a) a trust director has the same fiduciary duty and liability in the exercise or nonexercise of the power: (i) if the power is held individually, as a sole trustee in a like position […]
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 […]