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.
72-40-101. 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; […]
72-39-215. Tax-related limitations
72-39-215. Tax-related limitations. (1) In this section: (a) ”Grantor trust” means a trust as to which a settlor of a first trust is considered the owner under 26 U.S.C. 671 through 677, as amended, or 26 U.S.C. 679, as amended. (b) ”Internal Revenue Code” means the United States Internal Revenue Code of 1986, as amended. (c) ”Nongrantor trust” means […]
72-39-216. Duration of second trust
72-39-216. Duration of second trust. (1) Subject to subsection (2), a second trust may have a duration that is the same as or different from the duration of the first trust. (2) To the extent that property of a second trust is attributable to property of the first trust, the property of the second trust is subject […]
72-39-217. Need to distribute not required
72-39-217. Need to distribute not required. An authorized fiduciary may exercise the decanting power whether or not under the first trust’s discretionary distribution standard the fiduciary would have made or could have been compelled to make a discretionary distribution of principal at the time of the exercise. History: En. Sec. 21, Ch. 177, L. 2021.
72-39-218. Saving provision
72-39-218. Saving provision. (1) If exercise of the decanting power would be effective under this chapter except that the second-trust instrument in part does not comply with this chapter, the exercise of the power is effective and the following rules apply with respect to the principal of the second trust attributable to the exercise of the […]