Utah Code 75A-5-302. Application — Duties and remedies
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(1) Except as otherwise provided in Subsection (2), this part applies to:
Terms Used In Utah Code 75A-5-302
- 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
- Beneficiary: includes :(3)(a) for a trust:(3)(a)(i) a current beneficiary, including a current income beneficiary and a beneficiary that may receive only principal;(3)(a)(ii) a remainder beneficiary; and(3)(a)(iii) any other successor beneficiary;(3)(b) for an estate, an heir and devisee; and(3)(c) for a life estate or term interest, a person that holds a life estate, term interest, or remainder, or other interest following a life estate or term interest. See Utah Code 75A-5-102
- Estate: includes the property of the decedent as the estate is originally constituted and the property of the estate as it exists at any time during administration. See Utah Code 75A-5-102
- Express unitrust: means a trust for which, under the terms of the trust without regard to this part, income or net income is permitted or required to be calculated as a unitrust amount. See Utah Code 75A-5-301
- Fiduciary: A trustee, executor, or administrator.
- Fiduciary: includes :
(8)(a) a trustee, trust director as defined in Section75-12-102 , personal representative, life tenant, holder of a term interest, and person acting under a delegation from a fiduciary;(8)(b) a person that holds property for a successor beneficiary whose interest may be affected by an allocation of receipts and expenditures between income and principal; and(8)(c) if there are two or more co-fiduciaries, all co-fiduciaries acting under the terms of the trust and applicable law. See Utah Code 75A-5-102- Income: includes a part of receipts from a sale, exchange, or liquidation of a principal asset to the extent provided in Part 4, Allocation of Receipts. See Utah Code 75A-5-102
- Income trust: means a trust that is not a unitrust. See Utah Code 75A-5-301
- Net income: includes an adjustment from principal to income under Section
75A-5-203 . See Utah Code 75A-5-102- Person: means :
(14)(a) an individual;(14)(b) an estate;(14)(c) a trust;(14)(d) a business or nonprofit entity;(14)(e) a public corporation, government or governmental subdivision, agency, or instrumentality; or(14)(f) any other legal entity. See Utah Code 75A-5-102- Principal: means property held in trust for distribution to, production of income for, or use by a current or successor beneficiary. See Utah Code 75A-5-102
- Trust: includes :
(23)(a)(i) an express trust, private or charitable, with additions to the trust, wherever and however created; and(23)(a)(ii) a trust created or determined by judgment or decree under which the trust is to be administered in the manner of an express trust. See Utah Code 75A-5-102- Unitrust: includes an express unitrust. See Utah Code 75A-5-301
- Unitrust amount: means :
(6)(a) an amount computed by multiplying a determined value of a trust by a determined percentage; and(6)(b) for a unitrust administered under a unitrust policy, the applicable value multiplied by the unitrust rate. See Utah Code 75A-5-301(1)(a) an income trust, unless the terms of the trust expressly prohibit use of this part by:(1)(a)(i) a specific reference to this part; or(1)(a)(ii) an explicit expression of intent that net income not be calculated as a unitrust amount; and(1)(b) an express unitrust, except to the extent the terms of the trust explicitly:(1)(b)(i) prohibit use of this part by a specific reference to this part;(1)(b)(ii) prohibit conversion to an income trust; or(1)(b)(iii) limit changes to the method of calculating the unitrust amount.(2) This part does not apply to a trust described in Section 170(f)(2)(B), 642(c)(5), 664(d), 2702(a)(3)(A)(ii) or (iii), or 2702(b) of the Internal Revenue Code.(3)(3)(a) An income trust to which this part applies under Subsection (1)(a) may be converted to a unitrust under this part regardless of the terms of the trust concerning distributions.(3)(b) Conversion to a unitrust under this part does not affect other terms of the trust concerning distributions of income or principal.(4)(4)(a) This part applies to an estate only to the extent a trust is a beneficiary of the estate.(4)(b) To the extent of the trust’s interest in the estate, and in the same manner as for a trust under this part:(4)(b)(i) the estate may be administered as a unitrust;(4)(b)(ii) the administration of the estate as a unitrust may be discontinued; or(4)(b)(iii) the percentage or method used to calculate the unitrust amount may be changed.(5) This part does not create a duty to take or consider action under this part or to inform a beneficiary about the applicability of this part.(6) A fiduciary that in good faith takes or fails to take an action under this part is not liable to a person affected by the action or inaction of the fiduciary.