Utah Code 75-7-409. Noncharitable trust without ascertainable beneficiary
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Terms Used In Utah Code 75-7-409
- 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
- Trustee: A person or institution holding and administering property in trust.
A trust may be created for a noncharitable purpose without a definite or definitely ascertainable beneficiary or for a noncharitable but otherwise valid purpose to be selected by the trustee as provided in Section 75-2-1001.
Repealed and Re-enacted by Chapter 89, 2004 General Session