75-7-701. Accepting or declining trusteeship. (1) Except as otherwise provided in Subsection (3), a person designated as trustee accepts the trusteeship: (a) by substantially complying with a method of acceptance provided in the terms of the trust; or (b) if the terms of the trust do not provide a method or the method provided in […]
75-7-702. Trustee’s bond. (1) A trustee shall give bond to secure performance of the trustee’s duties only if the court finds that a bond is needed to protect the interests of the beneficiaries or is required by the terms of the trust and the court has not dispensed with the requirement. (2) The court may […]
Effective 5/14/2019 75-7-703. Cotrustees. (1) Cotrustees who are unable to reach a unanimous decision may act by majority decision. (2) If a vacancy occurs in a cotrusteeship, the remaining cotrustees may act for the trust. (3) Subject to Section 75-12-112, a cotrustee must participate in the performance of a trustee’s function unless the cotrustee is […]
75-7-704. Vacancy in trusteeship — Appointment of successor. (1) A vacancy in a trusteeship occurs if: (a) a person designated as trustee rejects the trusteeship; (b) a person designated as trustee cannot be identified or does not exist; (c) a trustee resigns; (d) a trustee is disqualified or removed; (e) a trustee dies; or (f) […]
75-7-705. Resignation of trustee. (1) A trustee may resign: (a) upon at least 30 days’ notice to the qualified beneficiaries, the settlor, if living, and all cotrustees; or (b) with the approval of the court. (2) In approving a resignation, the court may issue orders and impose conditions reasonably necessary for the protection of the […]
75-7-706. Removal of trustee. (1) The settlor, a cotrustee, or a qualified beneficiary may request the court to remove a trustee, or a trustee may be removed by the court on its own initiative. (2) The court may remove a trustee if: (a) the trustee has committed a serious breach of trust; (b) lack of […]
75-7-707. Delivery of property by former trustee. (1) Unless a cotrustee remains in office or the court otherwise orders, and until the trust property is delivered to a successor trustee or other person entitled to it, a trustee who has resigned or been removed has the duties of a trustee and the powers necessary to […]
75-7-708. Compensation of trustee. If the terms of a trust do not specify the trustee’s compensation, a trustee is entitled to compensation that is reasonable under the circumstances. Enacted by Chapter 89, 2004 General Session
75-7-709. Reimbursement of expenses. (1) A trustee is entitled to be reimbursed out of the trust property, with interest as appropriate, for: (a) expenses that were properly incurred in the administration of the trust; and (b) to the extent necessary to prevent unjust enrichment of the trust, expenses that were not properly incurred in the […]
