Utah Code 53D-2-201. Land Trusts Protection and Advocacy Office — State treasurer oversight and rulemaking — Advocacy office duties — Applicability of Government Access and Records Management Act

53D-2-201. Land Trusts Protection and Advocacy Office — State treasurer oversight and rulemaking — Advocacy office duties — Applicability of Government Access and Records Management Act.

(1)

There is created the Land Trusts Protection and Advocacy Office to represent the beneficiary interests of the school and institutional trust in advocating for:

Terms Used In Utah Code 53D-2-201

Advocacy committee: means the Land Trusts Protection and Advocacy Committee, created in Section 53D-2-202. See Utah Code 53D-2-102
Advocacy director: means the director of the advocacy office, appointed as described in Section 53D-2-203. See Utah Code 53D-2-102
Advocacy office: means the Land Trusts Protection and Advocacy Office, created in Section 53D-2-201. See Utah Code 53D-2-102
Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
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.
Land: includes :Utah Code 68-3-12.5
Oversight: Committee review of the activities of a Federal agency or program.
State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
trust: includes :

(a)	school and institutional trust lands, as defined in Section 53C-1-103, and related assets; and

(b)

funds and investments of school and institutional trust land revenue, as described in Title 53D, Chapter 1, School and Institutional Trust Fund Management Act. See Utah Code 53D-2-102

Trust beneficiaries: means those for whose benefit the school and institutional trust is managed and preserved, as required by:

(a)	the Utah Enabling Act;

(b)	the Utah Constitution; and

(c)	state law. See Utah Code 53D-2-102
(a)	distribution of trust revenue to current beneficiaries; and

(b)	generation of trust revenue for future beneficiaries.

(2)

The state treasurer shall:

(a)

acting in a fiduciary capacity to trust beneficiaries, oversee and support the advocacy of the advocacy office, including:

(i)	determining reporting requirements for the advocacy director and advocacy office; and

(ii)	submitting an advocacy office budget to the Legislature; and

(b)	in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, and this chapter, make rules to administer the advocacy office, including the duties described in Subsection (2)(a).

(3)	The advocacy office shall have an advocacy director, as described in Section 53D-2-203.

(4)

In accordance with the Utah Enabling Act, the Utah Constitution, and state law, the advocacy office shall act with undivided loyalty to the trust beneficiaries, advocating against the state using a trust asset to pursue a state goal that is inconsistent with a purpose of the trust associated with that asset.

(5)

To protect current and future beneficiary rights and interests as described in Subsection (1), the advocacy office shall advocate for:

(a)	productive use of and optimal revenue from school and institutional trust lands by the School and Institutional Trust Lands Administration, as described in Title 53C, School and Institutional Trust Lands Management Act;

(b)	prudent and profitable investment of trust funds by the School and Institutional Trust Fund Office, as described in Title 53D, Chapter 1, School and Institutional Trust Fund Management Act;

(c)	effective distribution of funds to public schools through the School LAND Trust Program described in Sections 53F-2-404 and 53G-7-1206; and

(d)	optimization of revenue to all trust beneficiaries.

(6)

To fulfill the advocacy office’s duties to trust beneficiaries, the advocacy office shall:

(a)

stay informed on the administration of the trust and trust assets, including:

(i)	major School and Institutional Trust Land Administration transactions; and

(ii)	the School and Institutional Trust Fund Office investments and investment policy statements;

(b)	fulfill advocacy office responsibilities and manage advocacy office activities in a prudent and professional manner;

(c)	promote efficient use of trust budgets for trust beneficiaries; and

(d)	properly account to trust beneficiaries and the Legislature, as described in Section 53D-2-203.

(7)

(a)	Except as provided in Subsection (7)(b), the advocacy office and the advocacy committee are subject to Title 63G, Chapter 2, Government Records Access and Management Act.

(b)	The advocacy office and the advocacy committee are not subject to Title 63G, Chapter 2, Government Records Access and Management Act, regarding a record described in Subsection 53D-1-103(3)(a) that the School and Institutional Trust Fund Office provides to the advocacy office or advocacy committee.

Amended by Chapter 336, 2021 General Session

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