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19-3B-409
Section 19-3B-409 Noncharitable trust without ascertainable beneficiary. Except as otherwise
provided in Section 19-3B-408 or by another statute, the following rules apply: (1) A trust
may be created for a noncharitable purpose without a definite or definitely ascertainable
beneficiary or for a noncharitable but otherwise valid purpose to be selected by the trustee.
The trust may not be enforced for more than 21 years. (2) A trust authorized by this section
may be enforced by a person appointed in the terms of the trust or, if no person is so appointed,
by a person appointed by the court. (3) Property of a trust authorized by this section may
be applied only to its intended use, except to the extent the court determines that the value
of the trust property exceeds the amount required for the intended use. Except as otherwise
provided in the terms of the trust, property not required for the intended use must be distributed
to the settlor, if then living, otherwise to the settlor's...
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19-3B-603
Section 19-3B-603 Settlor's powers; powers of withdrawal. (a) While a trust is revocable, rights
of the beneficiaries are subject to the control of, and the duties of the trustee are owed
exclusively to, the settlor. (b) During the period the power may be exercised, the holder
of a power of withdrawal has the rights of a settlor of a revocable trust under this section
to the extent of the property subject to the power. (Act 2006-216, p. 314, §1.)...
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19-3B-403
Section 19-3B-403 Trusts created in other jurisdictions. A trust not created by will is validly
created if its creation complies with the law of the jurisdiction in which the trust instrument
was executed, or the law of the jurisdiction in which, at the time of creation: (1) the settlor
was domiciled, had a place of abode, or was a national; (2) a trustee was domiciled or had
a place of business; or (3) any trust property was located. (Act 2006-216, p. 314, §1.)...
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19-3D-26
Section 19-3D-26 THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION,
EFFECTIVE JANUARY 1, 2019. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. LATER-DISCOVERED PROPERTY.
(a) Except as otherwise provided in subsection (c), if exercise of the decanting power was
intended to distribute all the principal of the first trust to one or more second trusts,
later-discovered property belonging to the first trust and property paid to or acquired by
the first trust after the exercise of the power is part of the trust estate of the second
trust or trusts. (b) Except as otherwise provided in subsection (c), if exercise of the decanting
power was intended to distribute less than all the principal of the first trust to one or
more second trusts, later-discovered property belonging to the first trust or property paid
to or acquired by the first trust after exercise of the power remains part of the trust estate
of the first trust. (c) An authorized fiduciary may provide in an...
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38-9B-6
Section 38-9B-6 Rights and interests of life beneficiaries and contributors. (a) No life beneficiary
shall have any vested or property rights or interests in the AFT Trust, nor shall any life
beneficiary have the power to anticipate, assign, convey, alienate, or otherwise encumber
any interest in the income or principal of the AFT Trust nor shall the income or principal
be or any interest of any life beneficiary thereunder be liable for any debt incurred by the
life beneficiary, nor shall the principal or income of the AFT Trust Fund be subject to seizure
by any creditor of any life beneficiary under any writ or proceeding in law or in equity.
(b) Except for the right of a contributor who is not and whose spouse is not a life beneficiary
to revoke any contribution made to the AFT Trust, pursuant to subdivision (5) of subsection
(c) of Section 38-9B-5, neither the settlor, contributor, nor any acting co-trustee has the
right to sell, assign, convey, alienate, or otherwise encumber, for...
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19-3B-1304
Section 19-3B-1304 Trusts for employees or self-employed persons. (a) A trust of real or personal
property or real and personal property combined: (1) which is created by an employer as part
of a stock bonus plan, pension plan, disability or death benefit plan, or profit-sharing plan,
for the exclusive benefit of some or all his or her employees, to which contributions are
made by such employer or employees, or both, for the purpose of distribution to such employees
the earnings of the principal, or both earnings and principal of the fund so held in trust;
or (2) which is created by a self-employed person or group of self-employed persons and: a.
which is part of a retirement, disability, or death benefit plan for such self-employed person
or persons; and b. contributions to which are deductible, in whole or in part, from gross
income for federal income tax purposes under the internal revenue laws of the United States;
or (3) which is created for the collective investment of the funds...
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19-3B-204
Section 19-3B-204 Venue. (a) Except as otherwise provided in subsection (b), venue for actions
and proceedings involving a trust is proper (i) in any county where venue is proper for civil
actions generally, pursuant to Title 6, Chapter 3; (ii) in the county of this state where
the trust has its principal place of administration; or (iii) in the case of a trust whose
principal place of administration is in a jurisdiction other than this state, in the county
where the settlor resided at the creation of the trust, or in the case of a testamentary trust,
where the settlor's estate was administered. (b) If a trust has no trustee, then venue for
a judicial proceeding for the appointment of a trustee is in a county of this state in which
a beneficiary resides, in a county in which any trust property is located, and if the trust
is created by will, in the county in which the decedent's estate was or is being administered.
(Act 2006-216, p. 314, §1.)...
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19-3D-13
Section 19-3D-13 THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION,
EFFECTIVE JANUARY 1, 2019. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. TRUST FOR BENEFICIARY
WITH DISABILITY. (a) In this section the following terms have the following meanings: (1)
BENEFICIARY WITH A DISABILITY. A beneficiary of a first trust who the authorized fiduciary
believes may qualify for governmental benefits based on disability, whether or not the beneficiary
currently receives those benefits or is an individual who has been adjudicated incompetent
or incapacitated. (2) GOVERNMENTAL BENEFITS. Financial aid or services from a state, federal,
or other public agency. (3) SPECIAL-NEEDS FIDUCIARY. With respect to a trust that has a beneficiary
with a disability: (A) a trustee or other fiduciary, other than a settlor, that has discretion
to distribute part or all of the principal of a first trust to one or more current beneficiaries;
(B) if no trustee or fiduciary has discretion under...
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27-17A-50
Section 27-17A-50 Financial interest in asset or business in which endowment care trust invests,
etc.; disposition of funds. (a) No cemetery authority may directly or indirectly require or
direct the investment, reinvestment, or retention by a qualified trustee of any part of an
endowment care trust in any asset or business in which the cemetery authority or any officer,
director, owner, partner, or employee of the cemetery authority has a financial interest.
Nothing contained in this subsection shall prevent the trustee, subject to the provisions
regarding investment and reinvestment of the trust estate as are contained in the governing
instrument creating the trust, from investing, reinvesting, or retaining any asset or business
in which the cemetery authority or any officer, director, owner, partner, or employee of the
cemetery authority has an insubstantial or nonmaterial financial interest, provided that the
trustee, in the exercise of the trustee's discretion, deems the...
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19-3-11
Section 19-3-11 Powers of fiduciaries regarding environmental laws affecting property held
by fiduciary. (a) In addition to powers, remedies and rights which may be set forth in any
will, trust agreement or other document which is the source of authority, a trustee, executor,
administrator, guardian, or one acting in any other fiduciary capacity, whether an individual,
corporation or other entity ("fiduciary") shall have the following powers, rights
and remedies whether or not set forth in the will, trust agreement or other document which
is the source of authority: (1) To inspect, investigate or cause to be inspected and investigated,
property held by the fiduciary, including interests in sole proprietorships, partnerships,
or corporations and any assets owned by any such business enterprise, for the purpose of determining
compliance with environmental law affecting such property and to respond to any actual or
potential violation of any environmental law affecting property held by...
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