75-7-105.  Default and mandatory rules.

(1)  Except as otherwise provided in the terms of the trust, this chapter governs the duties and powers of a trustee, relations among trustees, and the rights and interests of a beneficiary.

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Terms Used In Utah Code 75-7-105

  • 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
  • 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 :Utah Code 68-3-12.5
  • Trustee: A person or institution holding and administering property in trust.
  • Venue: The geographical location in which a case is tried.
(2)  Except as specifically provided in this chapter, the terms of a trust prevail over any provision of this chapter except:

(a)  the requirements for creating a trust;

(b)  subject to Sections 75-12-109, 75-12-111, and 75-12-112, the duty of a trustee to act in good faith and in accordance with the purposes of the trust;

(c)  the requirement that a trust and the terms of the trust be for the benefit of the trust’s beneficiaries;

(d)  the power of the court to modify or terminate a trust under Sections 75-7-410 through 75-7-416;

(e)  the effect of a spendthrift provision, Section 25-6-502, and the rights of certain creditors and assignees to reach a trust as provided in 5;

(f)  the power of the court under Section 75-7-702 to require, dispense with, or modify or terminate a bond;

(g)  the effect of an exculpatory term under Section 75-7-1008;

(h)  the rights under Sections 75-7-1010 through 75-7-1013 of a person other than a trustee or beneficiary;

(i)  periods of limitation for commencing a judicial proceeding; and

(j)  the subject-matter jurisdiction of the court and venue for commencing a proceeding as provided in Sections 75-7-203 and 75-7-205.

Amended by Chapter 153, 2019 General Session

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