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 […]
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) […]
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 […]
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 […]
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 […]
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 […]
Effective 5/14/2019 75-12-110. Duty to provide information to trust director or trustee. (1) Subject to Section 75-12-111, a trustee shall provide information to a trust director to the extent the information is reasonably related both to: (a) the powers or duties of the trustee; and (b) the powers or duties of the director. (2) Subject […]
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 […]
Effective 5/14/2019 75-12-112. Application to cotrustee. The terms of a trust may relieve a cotrustee from duty and liability with respect to another cotrustee’s exercise or nonexercise of a power of the other cotrustee to the same extent that, in a directed trust, a directed trustee is relieved from duty and liability with respect to […]
Effective 5/14/2019 75-12-113. Limitation of action against trust director. (1) An action against a trust director for a breach of trust must be commenced within the same limitation period as described in Section 75-7-1005 for an action for a breach of trust against a trustee in a like position and under similar circumstances. (2) A […]
Effective 5/14/2019 75-12-114. Defenses in action against trust director. In an action against a trust director for a breach of trust, the director may assert the same defenses a trustee in a like position and under similar circumstances could assert in an action for a breach of trust against the trustee. Enacted by Chapter 153, […]
Effective 5/14/2019 75-12-115. Jurisdiction over trust director. (1) By accepting appointment as a trust director of a trust subject to this chapter, the director submits to personal jurisdiction of the courts of this state regarding any matter related to a power or duty of the director. (2) This section does not preclude other methods of […]
Effective 5/14/2019 75-12-116. Office of trust director. Unless the terms of a trust provide otherwise, the rules applicable to a trustee apply to a trust director regarding the following matters: (1) acceptance under Section 75-7-701; (2) giving of bond to secure performance under Section 75-7-702; (3) reasonable compensation under Section 75-7-708; (4) resignation under Section […]
Effective 5/14/2019 75-12-118. Electronic records and signatures. This chapter modifies, limits, or supersedes the Electronic Signatures in Global and National Commerce Act, 15 U.S.C. Sec. 7001 et seq., but does not modify, limit, or supersede Section 101(c) of that act, 15 U.S.C. Sec. 7001(c), or authorize electronic delivery of any of the notices described in […]
