Utah Code 75-7-112. Penalty provisions
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Terms Used In Utah Code 75-7-112
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Fiduciary: A trustee, executor, or administrator.
- Probable cause: A reasonable ground for belief that the offender violated a specific law.
- Trustee: A person or institution holding and administering property in trust.
A provision in a trust instrument purporting to penalize a beneficiary by charging the beneficiary’s interest in the trust, or to penalize the beneficiary in another manner, for instituting a proceeding to challenge the acts of the trustee or other fiduciary of a trust, or for instituting other proceedings relating to the trust is unenforceable if probable cause exists for instituting the proceedings.
Enacted by Chapter 89, 2004 General Session