Utah Code 75-12-108. Duty and liability of trust director

(1)

Subject to Subsection (2), with respect to a power of direction or further power under Subsection 75-12-106(2)(a):

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Terms Used In Utah Code 75-12-108

Fiduciary: A trustee, executor, or administrator.
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
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.

(a)

a trust director has the same fiduciary duty and liability in the exercise or nonexercise of the power:

(i)	if the power is held individually, as a sole trustee in a like position and under similar circumstances; or

(ii)	if the power is held jointly with a trustee or another trust director, as a cotrustee in a like position and under similar circumstances; and

(b)	the terms of the trust may vary the director’s duty or liability to the same extent the terms of the trust could vary the duty or liability of a trustee in a like position and under similar circumstances.

(2)

Unless the terms of a trust provide otherwise, if a trust director is licensed, certified, or otherwise authorized or permitted by law other than this chapter to provide health care in the ordinary course of the director’s business or practice of a profession, to the extent the director acts in that capacity, the director has no duty or liability under this chapter.

(3)	The terms of a trust may impose a duty or liability on a trust director in addition to the duties and liability described in this section.

Enacted by Chapter 153, 2019 General Session

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