§ 18-4-1. Application of cy pres doctrine. In all cases of charitable gifts of real or personal estate, whether by deed or will, where the purposes of the donor cannot be literally carried into effect, a complaint may be filed for a cy pres application of the trust property; and at that time all proceedings, […]
§ 18-4-10. Management powers exercised with court approval. Whenever the sale, exchange, conveyance, or leasing of the whole or of any part or parts of any property held upon trust, whether the property is real, personal, or both, or the borrowing of money upon the credit of any trust property, or the extension or renewal […]
§ 18-4-11. Purposes for which borrowing authorized. (a) Borrowing may be authorized for any one or more of the following purposes: (1) To pay assessments upon the trust property for betterments; (2) To pay for any repairs and improvements on the property that may be or become necessary or desirable by reason of the betterments, […]
§ 18-4-12. Leases authorized. Leasing may be authorized either generally or with reference to a specific lease, for a fixed period or periods, whether or not the period or periods may extend beyond the time limited for the determination of the trust, with those privileges of renewal, upon the terms, and subject to the covenants […]
§ 18-4-13. Parties to management proceedings — Guardians ad litem — Costs. (a) Any persons who have any vested, contingent, executory, or future right, title, interest, or estate in or to any part of the trust property, and any persons who might by any future contingency have any right, title, interest, or estate, may join […]
§ 18-4-14. Binding effect of authorized transactions. (a) Any transaction authorized under this chapter shall be binding upon the entire estate and interest in the trust property of all the parties to the proceeding and of all persons designated and described in the proceeding, as provided. (b) No transaction, note, covenant, or other obligation, executed […]
§ 18-4-15. Definitions. (a) In §§ 18-4-16 — 18-4-21, unless the context or subject matter otherwise requires: (1) “Bank” includes any person or association of persons, whether incorporated or not, carrying on the business of banking. (2) “Fiduciary” includes a trustee under any trust, expressed, implied, resulting, or constructive, executor, administrator, guardian, conservator, curator, receiver, […]
§ 18-4-16. Payments or transfers to fiduciaries — Effect of misapplication by fiduciary. A person who in good faith pays or transfers to a fiduciary any money or other property, which the fiduciary is authorized to receive, is not responsible for the proper application of the money or other property by the fiduciary; and any […]
§ 18-4-17. Transfer of negotiable instrument by fiduciary. If any negotiable instrument payable or indorsed to a fiduciary is indorsed by the fiduciary, or if any negotiable instrument payable or indorsed to his or her principal is indorsed by a fiduciary empowered to indorse the instrument on behalf of his or her principal, the indorsee […]
§ 18-4-18. Check drawn by fiduciary payable to third person. If a check or other bill of exchange is drawn by a fiduciary, or in the name of his or her principal by a fiduciary empowered to draw the instrument in the name of his or her principal, the payee is not bound to inquire […]
§ 18-4-19. Check drawn by and payable to fiduciary. If a check or other bill of exchange is drawn by a fiduciary or in the name of his or her principal by a fiduciary empowered to draw the instrument in the name of his or her principal, payable to the fiduciary personally, or payable to […]
§ 18-4-2. Powers of trustees. (a) Every trust, inter vivos or testamentary, previously or subsequently effective, in which no provision is made to the contrary, shall be deemed to give to the trustees or trustee under the trust for the time being, in addition to any other power they may lawfully have, full power in […]
§ 18-4-20. Deposit in name of fiduciary. If a deposit is made in a bank to the credit of a fiduciary, the bank is authorized to pay the amount of the deposit or any part of it upon the check of the fiduciary, signed with the name in which the deposit is entered, without being […]
§ 18-4-21. Deposit in fiduciary’s personal account. If a fiduciary makes a deposit in a bank to his or her personal credit of checks drawn by him or her upon an account in his or her own name as fiduciary, or of checks payable to him or her as fiduciary, or of checks drawn by […]
§ 18-4-22. Administration of trusts. (a) In the administration of any trust which is a “private foundation,” a “charitable trust,” or a “split-interest trust,” as these terms are defined in §§ 509(a), 4947(a)(1), and 4947(a)(2), respectively, of the Internal Revenue Code, 26 U.S.C. §§ 509(a), 4947(a)(1) and 4947(a)(2), the following acts are prohibited: (1) Engaging […]
§ 18-4-23. Charitable remainder trusts. (a) As used in this section the term “charitable remainder trust” has the meaning ascribed to that term in § 664 of the Internal Revenue Code, 26 U.S.C. § 664, and in §§ 1.664-1 through 1.664-4 of proposed regulations dealing with charitable remainder trusts, published in the federal register on […]
§ 18-4-24. Termination of small trusts. (a) Any corporate trustee authorized to serve as a trustee under chapter 3.1 of title 19, which is a trustee of any inter vivos or testamentary trust, may, in its sole discretion, or, if there is a cotrustee or cotrustees, after having obtained the approval of any cotrustee, terminate […]
§ 18-4-25. Consolidation or division of trusts. (a) Upon petition by a trustee, beneficiary, or any party in interest and for good cause shown, the court, after notice to all parties in interest and a hearing, may order the division of a trust into two (2) or more single trusts, or consolidate two (2) or […]
§ 18-4-26. Powers of fiduciaries in connection with environmental laws. (a) In addition to the powers, rights, and remedies which may be set forth in any will, trust, or other document which is the source of authority, in which no provision is made to the contrary, any fiduciary as defined according to § 18-4-15(a)(2) shall […]
§ 18-4-27. Validity of trusts. (a) A trust which is otherwise valid and which has been created by a written instrument, including, but not limited to, a trust in which the principal is composed in whole or in part of real property, shall not be held invalid for any one or more of the following […]
