If a claim which will become due at a future time or a contingent or unliquidated claim becomes due or certain before the distribution of the trust estate, and if the claim has been allowed or established by a proceeding, it shall be paid in the same manner as presently due and absolute claims of the same class.
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Terms Used In Utah Code 75-7-515
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
Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
Trustee: A person or institution holding and administering property in trust.
(2)
In other cases the trustee, or, on petition of the trustee or the claimant in a special proceeding for that purpose, the court, may provide for payment as follows:
(a)
if the claimant consents, he may be paid the present or agreed value of the claim, taking any uncertainty into account; or
(b)
arrangement for future payment, or possible payment, on the happening of the contingency or on liquidation may be made by creating a trust, giving a mortgage, obtaining a bond or security from a beneficiary, or otherwise.
Renumbered and Amended by Chapter 89, 2004 General Session
