Section 4-10-1012 – Interest of Trustee as General Partner.
4-10-1012. Interest of trustee as general partner. (a) Except as otherwise provided in subsection (c) of this section or unless personal liability is imposed in the contract, a trustee who holds an interest as a general partner in a general or limited partnership is not personally liable on a contract entered into by the partnership […]
Section 4-10-1013 – Protection of Person Dealing With Fiduciary.
4-10-1013. Protection of person dealing with fiduciary. (a) A person other than a beneficiary who in good faith assists a fiduciary, or who in good faith and for value deals with a fiduciary, without knowledge that the fiduciary is exceeding or improperly exercising the fiduciary’s powers is protected from liability as if the fiduciary properly […]
Section 4-10-1014 – Certification or Affidavit of Trust.
4-10-1014. Certification or affidavit of trust. (a) Instead of furnishing a copy of the trust instrument to a person other than a beneficiary, the trustee may furnish to the person a certification or affidavit of trust containing the following information: (i) That the trust exists and the date the trust instrument was executed; (ii) The […]
Section 4-10-1101 – Uniformity of Application and Construction.
4-10-1101. Uniformity of application and construction. In applying and construing this act, consideration shall be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it. With respect to article 5 of this act, a court shall not give consideration to cases from jurisdictions that […]
Section 4-10-1102 – Electronic Records and Signatures.
4-10-1102. Electronic records and signatures. The provisions of this act governing the legal effect, validity or enforceability of electronic records or electronic signatures, and of contracts formed or performed with the use of such records or signatures, conform to the requirements of Section 102 of the Electronic Signatures in Global and National Commerce Act (15 […]
Section 4-10-1103 – Application to Existing Relationships.
4-10-1103. Application to existing relationships. (a) Except as otherwise provided in this act and subsections (c) through (e) of this section, on July 1, 2003: (i) This act, applies to all trusts created on or after July 1, 2003; (ii) This act applies to all judicial proceedings concerning trusts created on or after July 1, […]
Section 4-10-1009 – Beneficiary’s Consent, Release or Ratification.
4-10-1009. Beneficiary’s consent, release or ratification. (a) A fiduciary is not liable to a beneficiary for breach of trust if the beneficiary consented in writing to the conduct constituting the breach, released the fiduciary from liability for the breach or ratified the transaction constituting the breach, unless: (i) The consent, release or ratification of the […]
Section 4-10-1010 – Limitation on Personal Liability of Fiduciary.
4-10-1010. Limitation on personal liability of fiduciary. (a) Except as otherwise provided in the contract, a fiduciary is not personally liable on a contract properly entered into in its capacity as a fiduciary in the course of administering the trust if the fiduciary in the contract disclosed the fiduciary capacity. (b) A fiduciary is personally […]
Section 4-10-1011 – Liability of Successor Fiduciaries for Actions of Predecessor.
4-10-1011. Liability of successor fiduciaries for actions of predecessor. Successor fiduciaries are not liable for actions, errors or omissions of any prior or predecessor fiduciaries.
Section 4-10-1004 – Attorney’s Fees and Costs.
4-10-1004. Attorney’s fees and costs. In a judicial proceeding involving the administration of a trust, the court, as justice and equity may require, may award costs and expenses, including reasonable attorney’s fees, to any party, to be paid by another party or from the trust that is the subject of the controversy.