Utah Code 16-15-110. Trustee and beneficiary governed by declaration of trust

(1)	A trustee or beneficiary of a business trust shall be governed by all the provisions of the declaration of trust of the business trust.

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: means a person holding a certificate representing a beneficial interest in the trust estate and assets. See Utah Code 16-15-102
Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
Trustee: A person or institution holding and administering property in trust.

(2)	This chapter neither affects nor alters in any way the rights, powers, and obligations, of a trustee or beneficiary of a business trust under common law.

Enacted by Chapter 310, 1995 General Session

LawServer