Utah Code 75-12-112. Application to cotrustee
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Terms Used In Utah Code 75-12-112
- Directed trust: means a trust for which the terms of the trust grant a power of direction. 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
- Terms of a trust: means :
(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 The terms of a trust may relieve a cotrustee from duty and liability with respect to another cotrustee’s exercise or nonexercise of a power of the other cotrustee to the same extent that, in a directed trust, a directed trustee is relieved from duty and liability with respect to a trust director‘s power of direction under Sections 75-12-109 through 75-12-111.Enacted by Chapter 153, 2019 General Session
- 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: