Section 107 – Limitations on trust director.
Effective 5/14/2019 75-12-107. 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 Subsection 75-12-106(2)(a) regarding: (1) a payback provision in the terms of a trust necessary […]
Section 108 – Duty and liability of trust director.
Effective 5/14/2019 75-12-108. Duty and liability of trust director. (1) Subject to Subsection (2), with respect to a power of direction or further power under Subsection 75-12-106(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 […]
Section 109 – Duty and liability of directed trustee.
Effective 5/14/2019 75-12-109. 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 Subsection 75-12-106(2)(a), and the trustee is not liable for the action. (2) A directed trustee may […]
Section 110 – Duty to provide information to trust director or trustee.
Effective 5/14/2019 75-12-110. Duty to provide information to trust director or trustee. (1) Subject to Section 75-12-111, 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 […]