72-39-204. Representation
72-39-204. Representation. (1) Notice to a person with authority to represent and bind another person under a first-trust instrument or Title 72, chapter 38, part 3, has the same effect as notice given directly to the person represented. (2) Consent of or waiver by a person with authority to represent and bind another person under a first-trust […]
72-39-205. Court involvement
72-39-205. Court involvement. (1) On application of an authorized fiduciary, a person entitled to notice under 72-39-203(3), a beneficiary, or with respect to a charitable interest the attorney general or other person that has standing to enforce the charitable interest, the court may: (a) provide instructions to the authorized fiduciary regarding whether a proposed exercise of the […]
72-39-206. Formalities
72-39-206. Formalities. An exercise of the decanting power must be made in a record signed by an authorized fiduciary. The signed record must, directly or by reference to the notice required by 72-39-203, identify the first trust and the second trust or trusts and state the property of the first trust being distributed to each second […]
72-39-207. Decanting power under expanded distributive discretion
72-39-207. Decanting power under expanded distributive discretion. (1) In this section: (a) ”Noncontingent right” means a right that is not subject to the exercise of discretion or the occurrence of a specified event that is not certain to occur. The term does not include a right held by a beneficiary if any person has discretion to distribute […]
72-39-208. Decanting power under limited distributive discretion
72-39-208. Decanting power under limited distributive discretion. (1) In this section, “limited distributive discretion” means a discretionary power of distribution that is limited to an ascertainable standard or a reasonably definite standard. (2) An authorized fiduciary that has limited distributive discretion over the principal of the first trust for benefit of one or more current beneficiaries may […]
72-39-209. Trust for beneficiary with disability
72-39-209. Trust for beneficiary with disability. (1) In this section: (a) ”Beneficiary with a disability” means a beneficiary of a first trust who the special-needs fiduciary believes may qualify for governmental benefits based on disability, whether or not the beneficiary currently receives those benefits or is an individual who has been adjudicated incapacitated. (b) ”Governmental benefits” means financial […]
72-38-1103. through 72-38-1110 reserved
72-38-1103 through 72-38-1110 reserved.
72-38-1111. Effects on real property transactions
72-38-1111. Effects on real property transactions. (1) This section relates only to conveyances of real property to or from a trust and supplements but does not modify other substantive provisions of Title 72, chapter 38, relating to the creation or validity of trusts. (2) Except as otherwise provided in Title 72, chapter 38, a conveyance of real […]
72-39-101. Short title
72-39-101. Short title. This chapter may be cited as the “Uniform Trust Decanting Act”. History: En. Sec. 1, Ch. 177, L. 2021.
72-39-102. Definitions
72-39-102. Definitions. In this chapter: (1) ”Appointive property” has the meaning in 72-7-102(2). (2) ”Ascertainable standard” means a standard relating to an individual’s health, education, support, or maintenance within the meaning of 26 U.S.C. 2041(b)(1)(A), as amended, or 26 U.S.C. 2514(c)(1), as amended, and any applicable regulations. (3) ”Authorized fiduciary” means: (a) a trustee or other fiduciary, other than a […]