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 […]
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 […]
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.
72-40-101. Short title
72-40-101. Short title. This part may be cited as the “Uniform Directed Trust Act”. History: En. Sec. 1, Ch. 325, L. 2021.
72-40-102. Definitions
72-40-102. Definitions. In this part, the following definitions apply: (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 part, or law of this state other than this part pertaining to trusts. (2) ”Directed trust” means a trust for […]
72-40-103. Application — principal place of administration
72-40-103. Application — principal place of administration. (1) This part applies to a trust, whenever created, that has its principal place of administration in this state, subject to the following rules: (a) if the trust was created before October 1, 2021, this part applies only to a decision or action occurring on or after October 1, 2021; […]