Section 72-40-102 - DefinitionsIn this part, the following definitions apply:
(1) "Breach of trust" includes a violation by a trust director or trustee of a duty imposed on that director or trustee by the terms of the trust, this part, or law of this state other than this part pertaining to trusts.(2) "Directed trust" means a trust for which the terms of the trust grant a power of direction.(3) "Directed trustee" means a trustee that is subject to a trust director's power of direction.(4) "Person" has the meaning in 72-38-103.(5) "Power of direction" means a power over a trust granted to a person by the terms of the trust to the extent the power is exercisable while the person is not serving as a trustee. The term includes a power over the investment, management, or distribution of trust property or other matters of trust administration. The term excludes the powers described in 72-40-105(2).(6) "Settlor" has the meaning in 72-38-103.(7) "State" has the meaning in 72-38-103.(8) "Terms of a trust" means: (a) except as otherwise provided in subsection (8)(b), the manifestation of the settlor's intent regarding a trust's provision as: (i) expressed in the trust instrument; or(ii) established by other evidence that would be admissible in a judicial proceeding; or(b) the trust's provisions as established, determined, or amended by: (i) a trustee or trust director in accordance with applicable law;(iii) a nonjudicial settlement agreement under 72-38-111.(9) "Trust director" means a person that is granted a power of direction by the terms of a trust to the extent the power is exercisable while the person is not serving as a trustee. The person is a trust director whether or not the terms of the trust refer to the person as a trust director and whether or not the person is a beneficiary or settlor of the trust.(10) "Trustee" has the meaning in 72-38-103.Added by Laws 2021, Ch. 325,Sec. 2, eff. 10/1/2021.