Utah Code 75-7-413. Cy pres
Current as of: 2024 | Check for updates
|
Other versions
(1) Except as otherwise provided in Subsection (2) , if a particular charitable purpose becomes unlawful, impracticable, impossible to achieve, or wasteful:
Terms Used In Utah Code 75-7-413
- 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
- Court: means any of the courts of record in this state having jurisdiction in matters relating to the affairs of decedents. See Utah Code 75-1-201 v2
- Property: includes both real and personal property or any interest therein and means anything that may be the subject of ownership. See Utah Code 75-1-201 v2
- Successors: means persons, other than creditors, who are entitled to property of a decedent under the decedent's will or this title. See Utah Code 75-1-201 v2
- Trust: includes :(60)(a)(i) a health savings account, as defined in Section 223of the Internal Revenue Code;(60)(a)(ii) an express trust, private or charitable, with additions thereto, wherever and however created; or(60)(a)(iii) a trust created or determined by judgment or decree under which the trust is to be administered in the manner of an express trust. See Utah Code 75-1-201 v2(1)(a) the trust does not fail, in whole or in part;(1)(b) the trust property does not revert to the settlor or the settlor’s successors in interest; and(1)(c) the court may apply cy pres to modify or terminate the trust by directing that the trust property be applied or distributed, in whole or in part, in a manner consistent with the settlor’s charitable purposes.
(2) A provision in the terms of a charitable trust that would result in distribution of the trust property to a noncharitable beneficiary prevails over the power of the court under Subsection (1) to apply cy pres to modify or terminate the trust only if, when the provision takes effect:
(2)(a) the trust property is to revert to the settlor and the settlor is still living; or
(2)(b) fewer than 21 years have elapsed since the date of the trust’s creation.