§ 75-7-1001 Remedies for breach of trust
§ 75-7-1002 Damages for breach of trust
§ 75-7-1003 Damages in absence of breach
§ 75-7-1004 Attorney’s fees and costs
§ 75-7-1005 Limitation of action against trustee
§ 75-7-1006 Reliance on trust instrument
§ 75-7-1007 Event affecting administration or distribution
§ 75-7-1008 Exculpation of trustee
§ 75-7-1009 Beneficiary’s consent, release, or ratification
§ 75-7-1010 Limitation on personal liability of trustee
§ 75-7-1011 Interest as general partner
§ 75-7-1012 Protection of person dealing with trustee
§ 75-7-1013 Certification of trust
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Terms Used In Utah Code > Title 75 > Chapter 7 > Part 10 - Liability of Trustees and Rights of Persons Dealing with Trustee

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • 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
  • Contract: A legal written agreement that becomes binding when signed.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Fiduciary: A trustee, executor, or administrator.
  • Fraud: Intentional deception resulting in injury to another.
  • Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Person: means :Utah Code 68-3-12.5
  • Property: includes both real and personal property. See Utah Code 68-3-12.5
  • Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
  • State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
  • Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
  • Trustee: A person or institution holding and administering property in trust.