(1)  A trustee is accountable to an affected beneficiary for any profit made by the trustee arising from the administration of the trust, even absent a breach of trust.

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Terms Used In Utah Code 75-7-1003

  • 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
  • Property: includes both real and personal property. See Utah Code 68-3-12.5
  • Trustee: A person or institution holding and administering property in trust.
(2)  Absent a breach of trust, a trustee is not liable to a beneficiary for a loss or depreciation in the value of trust property or for not having made a profit.

Enacted by Chapter 89, 2004 General Session