As used in this chapter:

(1)  “Breach of trust” includes a violation by a trust director or trustee of a duty imposed on the director or trustee by the terms of the trust, this chapter, or the law of this state other than this chapter pertaining to trusts.

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Terms Used In Utah Code 75-12-102

  • 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
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Person: means an individual, estate, business or nonprofit entity, public corporation, government or governmental subdivision, agency, instrumentality, or other legal entity. See Utah Code 75-12-102
  • Power of direction: includes a power over the investment, management, or distribution of trust property or other matters of trust administration. See Utah Code 75-12-102
  • Property: includes both real and personal property. See Utah Code 68-3-12.5
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • Settlor: means the same as that term is defined in Section 75-7-103. See Utah Code 75-12-102
  • State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Utah Code 75-12-102
  • Terms of a trust: means :
(a) subject to Subsection (8)(b), the manifestation of the settlor's intent regarding a trust's provisions as:
(i) expressed in the trust instrument; or
(ii) established by other evidence that would be admissible in a judicial proceeding; or
(b) the trust's provisions as established, determined, or amended by:
(i) a trustee or trust director in accordance with applicable law;
(ii) a court order; or
(iii) a nonjudicial settlement agreement under Section 75-7-110. See Utah Code 75-12-102
  • Trust director: means a person that is granted a power of direction by the terms of a trust to the extent the power is exercisable while the person is not serving as a trustee, regardless of whether:
    (a) the terms of the trust refer to the person as a trust director; or
    (b) the person is a beneficiary or settlor of the trust. See Utah Code 75-12-102
  • Trustee: includes an original, additional, and successor trustee, and a cotrustee. See Utah Code 75-12-102
  • Trustee: A person or institution holding and administering property in trust.
  • United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5
    • (2)  “Directed trust” means a trust for which the terms of the trust grant a power of direction.

    (3)  “Directed trustee” means a trustee that is subject to a trust director’s power of direction.

    (4)  “Person” means an individual, estate, business or nonprofit entity, public corporation, government or governmental subdivision, agency, instrumentality, or other legal entity.

    (5) 

    (a)  “Power of direction” means a power over a trust granted to a person by the terms of the trust to the extent the power is exercisable while the person is not serving as a trustee.

    (b)  “Power of direction” includes a power over the investment, management, or distribution of trust property or other matters of trust administration.

    (c)  “Power of direction” does not include the powers described in Subsection 75-12-105(2).

    (6)  “Settlor” means the same as that term is defined in Section 75-7-103.

    (7)  “State” means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States.

    (8)  “Terms of a trust” means:

    (a)  subject to Subsection (8)(b), the manifestation of the settlor‘s intent regarding a trust’s provisions as:

    (i)  expressed in the trust instrument; or

    (ii)  established by other evidence that would be admissible in a judicial proceeding; or

    (b)  the trust’s provisions as established, determined, or amended by:

    (i)  a trustee or trust director in accordance with applicable law;

    (ii)  a court order; or

    (iii)  a nonjudicial settlement agreement under Section 75-7-110.

    (9)  “Trust director” means a person that is granted a power of direction by the terms of a trust to the extent the power is exercisable while the person is not serving as a trustee, regardless of whether:

    (a)  the terms of the trust refer to the person as a trust director; or

    (b)  the person is a beneficiary or settlor of the trust.

    (10)  “Trustee” includes an original, additional, and successor trustee, and a cotrustee.

    Enacted by Chapter 153, 2019 General Session

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