Section 111 – No duty to monitor, inform, or advise.
Effective 5/14/2019 75-12-111. 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 […]
Section 103 – Application — Principal place of administration.
Effective 5/14/2019 75-12-103. Application — Principal place of administration. (1) This chapter applies to a trust, whenever created, that has the trust’s principal place of administration in this state, subject to the following rules: (a) if the trust was created before May 14, 2019, this chapter applies only to a decision or action occurring on […]
Section 105 – Exclusions.
Effective 5/14/2019 75-12-105. Exclusions. (1) As used in this section, “power of appointment” means a power that enables a person acting in a nonfiduciary capacity to designate a recipient of an ownership interest in, or another power of appointment over, trust property. (2) This chapter does not apply to: (a) a power of appointment; (b) […]
Section 106 – Powers of trust director.
Effective 5/14/2019 75-12-106. Powers of trust director. (1) Subject to Section 75-12-107, the terms of a trust may grant a power of direction to a trust director. (2) Unless the terms of a trust provide otherwise: (a) a trust director may exercise any further power appropriate to the exercise or nonexercise of a power of […]