72-39-220. Terms of second trust
72-39-220. Terms of second trust. A reference in Title 72, chapter 38, to a trust instrument or terms of the trust includes a second-trust instrument and the terms of the second trust. History: En. Sec. 24, Ch. 177, L. 2021.
72-39-221. Settlor
72-39-221. Settlor. (1) For purposes of law of this state other than this chapter and subject to subsection (2), a settlor of a first trust is deemed to be the settlor of the second trust with respect to the portion of the principal of the first trust subject to the exercise of the decanting power. (2) In […]
72-39-222. Later-discovered property
72-39-222. Later-discovered property. (1) Except as otherwise provided in subsection (3), if exercise of the decanting power was intended to distribute all the principal of the first trust to one or more second trusts, later-discovered property belonging to the first trust and property paid to or acquired by the first trust after the exercise of the […]
72-39-223. Obligations
72-39-223. Obligations. A debt, liability, or other obligation enforceable against property of a first trust is enforceable to the same extent against the property when held by the second trust after exercise of the decanting power. History: En. Sec. 27, Ch. 177, L. 2021.
72-39-301. Uniformity of application and construction
72-39-301. 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. 28, Ch. 177, L. 2021.
72-39-302. Relation to electronic signatures in global and national commerce act
72-39-302. Relation to electronic signatures in global and national commerce act. This chapter 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 […]
72-39-303. Common law of trusts — principles of equity
72-39-303. Common law of trusts — principles of equity. The common law of trusts and principles of equity supplement this chapter except to the extent modified by this chapter or another statute of this state. History: En. Sec. 30, Ch. 177, L. 2021.
72-39-212. Change in compensation
72-39-212. Change in compensation. (1) If a first-trust instrument specifies an authorized fiduciary’s compensation, the fiduciary may not exercise the decanting power to increase the fiduciary’s compensation above the specified compensation unless: (a) all qualified beneficiaries of the second trust consent to the increase in a signed record; or (b) the increase is approved by the court. (2) If […]
72-39-213. Relief from liability and indemnification
72-39-213. Relief from liability and indemnification. (1) Except as otherwise provided in this section, a second-trust instrument may not relieve an authorized fiduciary from liability for breach of trust to a greater extent than the first-trust instrument. (2) A second-trust instrument may provide for indemnification of an authorized fiduciary of the first trust or another person acting […]
72-39-214. Removal or replacement of authorized fiduciary
72-39-214. Removal or replacement of authorized fiduciary. An authorized fiduciary may not exercise the decanting power to modify a provision in a first-trust instrument granting another person power to remove or replace the fiduciary unless: (1) the person holding the power consents to the modification in a signed record and the modification applies only to the person; […]