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 […]
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 – Disclosure of other digital assets of principal.
Effective 5/9/2017 75-11-110. Disclosure of other digital assets of principal. Unless otherwise ordered by the court, directed by the principal, or provided by a power of attorney, a custodian shall disclose to an agent with specific authority over digital assets, or general authority to act on behalf of a principal, a catalogue of electronic communications […]
Section 111 – Disclosure of digital assets held in trust when trustee is original user.
Effective 5/9/2017 75-11-111. Disclosure of digital assets held in trust when trustee is original user. Unless otherwise ordered by the court or provided in a trust, a custodian shall disclose to a trustee that is an original user of an account any digital asset of the account held in trust, including a catalogue of electronic […]
Section 112 – Disclosure of contents of electronic communications held in trust when trustee not original user.
Effective 5/9/2017 75-11-112. Disclosure of contents of electronic communications held in trust when trustee not original user. Unless otherwise ordered by the court, directed by the user, or provided in a trust, a custodian shall disclose to a trustee that is not an original user of an account the content of an electronic communication sent […]
Section 113 – Disclosure of other digital assets held in trust when trustee not original user.
Effective 5/9/2017 75-11-113. Disclosure of other digital assets held in trust when trustee not original user. Unless otherwise ordered by the court, directed by the user, or provided in a trust, a custodian shall disclose, to a trustee that is not an original user of an account, a catalogue of electronic communications sent or received […]
Section 114 – Disclosure of digital assets to conservator or guardian of protected person.
Effective 5/8/2018 75-11-114. Disclosure of digital assets to conservator or guardian of protected person. (1) After an opportunity for a hearing under Chapter 5, Protection of Persons Under Disability and Their Property, the court may grant a conservator or guardian access to the digital assets of a protected person. (2) Unless otherwise ordered by the […]
Section 115 – Fiduciary duty and authority.
Effective 5/9/2017 75-11-115. Fiduciary duty and authority. (1) The legal duties imposed on a fiduciary charged with managing tangible property apply to the management of digital assets, including: (a) the duty of care; (b) the duty of loyalty; and (c) the duty of confidentiality. (2) A fiduciary’s or designated recipient’s authority with respect to a […]