Utah Code § 75-12-102

Current through the 2024 Fourth Special Session

Section 75-12-102 - Definitions

As used in this chapter:

(1) "Breach of trust" includes a violation by a trust director or trustee of a duty imposed on the director or trustee by the terms of the trust, this chapter, or the law of this state other than this chapter 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" means an individual, estate, business or nonprofit entity, public corporation, government or governmental subdivision, agency, instrumentality, or other legal entity.

(5)

(a) "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.

(b) "Power of direction" includes a power over the investment, management, or distribution of trust property or other matters of trust administration.

(c) "Power of direction" does not include the powers described in Subsection 75-12-105(2).

(6) "Settlor" means the same as that term is defined in Section 75-7-103.

(7) "State" means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States.

(8) "Terms of a trust" means:

(a) subject to Subsection (8)(b), the manifestation of the settlor's intent regarding a trust's provisions 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;

(ii) a court order; or

(iii) a nonjudicial settlement agreement under Section 75-7-110.

(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, regardless of whether:

(a) the terms of the trust refer to the person as a trust director; or

(b) the person is a beneficiary or settlor of the trust.

(10) "Trustee" includes an original, additional, and successor trustee, and a cotrustee.

Utah Code § 75-12-102

Added by Chapter 153, 2019 General Session ,§ 7, eff. 5/14/2019.