§ 28-73-801. Duty to administer trust
Upon acceptance of a trusteeship, the trustee shall administer the trust in good faith, in accordance with its terms and purposes and the interests of the beneficiaries, and in accordance with this chapter.
§ 28-73-802. Duty of loyalty
(a) A trustee shall administer the trust solely in the interests of the beneficiaries. (b) Subject to the rights of persons dealing with or assisting the trustee as provided in § 28-73-1012, a sale, encumbrance, or other transaction involving the investment or management of trust property entered into by the trustee for the trustee’s own […]
§ 28-73-803. Impartiality
If a trust has two (2) or more beneficiaries, the trustee shall act impartially in investing, managing, and distributing the trust property, giving due regard to the beneficiaries’ respective interests.
§ 28-73-804. Prudent administration
A trustee shall administer the trust as a prudent person would, by considering the purposes, terms, distributional requirements, and other circumstances of the trust. In satisfying this standard, the trustee shall exercise reasonable care, skill, and caution.
§ 28-73-805. Costs of administration
In administering a trust, the trustee may incur only costs that are reasonable in relation to the trust property, the purposes of the trust, and the skills of the trustee.
§ 28-73-806. Trustee’s skills
A trustee who has special skills or expertise, or is named trustee in reliance upon the trustee’s representation that the trustee has special skills or expertise, shall use those special skills or expertise.
§ 28-73-807. Delegation by trustee
(a) A trustee may delegate duties and powers that a prudent trustee of comparable skills could properly delegate under the circumstances. The trustee shall exercise reasonable care, skill, and caution in: (1) selecting an agent; (2) establishing the scope and terms of the delegation, consistent with the purposes and terms of the trust; and (3) […]
§ 28-73-808. Powers to direct. [Repealed effective January 1, 2020.]
Publisher’s Notes. This section is repealed by Acts 2019, No. 1021, § 4, effective January 1, 2020. For current law, see § 28-76-101 et seq. For text of section effective until January 1, 2020, see the bound volume. Effective Dates. Acts 2019, No. 1021, § 6: Jan. 1, 2020.
§ 28-73-809. Control and protection of trust property
A trustee shall take reasonable steps to take control of and protect the trust property.
§ 28-73-810. Recordkeeping and identification of trust property
(a) A trustee shall keep adequate records of the administration of the trust. (b) A trustee shall keep trust property separate from the trustee’s own property. (c) Except as otherwise provided in subsection (d), a trustee shall cause the trust property to be designated so that the interest of the trust, to the extent feasible, […]
§ 28-73-811. Enforcement and defense of claims
A trustee shall take reasonable steps to enforce claims of the trust and to defend claims against the trust.
§ 28-73-812. Collecting trust property
A trustee shall take reasonable steps to compel a former trustee or other person to deliver trust property to the trustee and to redress a breach of trust known to the trustee to have been committed by a former trustee.
§ 28-73-813. Duty to inform and report
(a) A trustee shall keep the qualified beneficiaries of the trust reasonably informed about the administration of the trust and of the material facts necessary for them to protect their interests. Unless unreasonable under the circumstances, a trustee shall promptly respond to a beneficiary’s request for information related to the administration of the trust. (b) […]
§ 28-73-814. Discretionary powers — Tax savings
(a) Notwithstanding the breadth of discretion granted to a trustee in the terms of the trust, including the use of such terms as “absolute”, “sole”, or “uncontrolled”, the trustee shall exercise a discretionary power in good faith and in accordance with the terms and purposes of the trust and the interests of the beneficiaries. (b) […]
§ 28-73-815. General powers of trustee
(a) A trustee, without authorization by a court, may exercise: (1) powers conferred by the terms of the trust; and (2) except as limited by the terms of the trust: (A) all powers over the trust property which an unmarried competent owner has over individually owned property; (B) any other powers appropriate to achieve the […]
§ 28-73-816. Specific powers of trustee
Without limiting the authority conferred by § 28-73-815, a trustee may: (1) collect trust property and accept or reject additions to the trust property from a settlor or any other person; (2) acquire or sell property, for cash or on credit, at public or private sale; (3) exchange, partition, or otherwise change the character of […]
§ 28-73-817. Distribution upon termination
(a) Upon termination or partial termination of a trust, the trustee may send to the beneficiaries a proposal for distribution. The right of any beneficiary to object to the proposed distribution terminates if the beneficiary does not notify the trustee of an objection within thirty (30) days after the proposal was sent but only if […]