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40-15B-3
that a person receiving an interest in property under an instrument is to be exonerated from
the responsibility to pay an estate tax that would otherwise be apportioned to the interest,
the tax attributable to the exonerated interest must be apportioned ratably among the other
persons receiving interests in the apportionable estate that are not exonerated from apportionment
of the tax. (A) Unless the decedent expressly and unambiguously directs to the contrary, a
person receiving objects of personal use or ornament, including, but not limited to,
wearing apparel, jewelry, books, pictures, art objects, sports equipment, hobby equipment,
collections, automobiles, watercrafts, airplanes, household furniture and furnishings, by
specific gifts or specific bequests pursuant to the provisions of a will or a revocable trust
or by right of survivorship, is exonerated under this paragraph, up to a maximum of $100,000
of the interest received by the person, from the responsibility to pay the...
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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-813
liabilities, receipts, and disbursements, including the source and amount of the trustee's
compensation, a listing of the trust assets and, if feasible, their respective market values,
and, upon termination of the trust, a final report commencing with the date of the most recent
annual report through the last transaction of the trust. Upon a vacancy in a trusteeship,
unless a co-trustee remains in office, a report must be sent to the qualified beneficiaries
by the former trustee. A personal representative, conservator, or guardian may send
the qualified beneficiaries a report on behalf of a deceased or incapacitated trustee. (d)
A beneficiary may waive the right to a trustee's report or other information otherwise required
to be furnished under this section. A beneficiary, with respect to future reports and other
information, may withdraw a waiver previously given. (e) Subsection (b)(2) and subsection
(b)(3) shall apply only to trustees who accept a trusteeship on or after...
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19-3B-1008
Section 19-3B-1008 Exculpation of trustee. (a) A term of a trust relieving a trustee of liability
for breach of trust is unenforceable to the extent that it: (1) relieves the trustee of liability
for breach of trust committed in bad faith or with reckless indifference to the purposes of
the trust or the interests of the beneficiaries; or (2) was inserted as the result of an abuse
by the trustee of a fiduciary or confidential relationship to the settlor. (b) Except for
terms intended to provide protection for carrying out a stated trust purpose, an exculpatory
term drafted or caused to be drafted by the trustee is invalid as an abuse of a fiduciary
or confidential relationship unless the trustee proves that the exculpatory term is fair under
the circumstances and that its existence and contents were adequately communicated to the
settlor. (Act 2006-216, p. 314, §1.)...
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19-3B-408
Section 19-3B-408 Trust for care of animal. (a) A trust may be created to provide for the care
of an animal alive during the settlor's lifetime. The trust terminates upon the death of the
animal or, if the trust was created to provide for the care of more than one animal alive
during the settlor's lifetime, upon the death of the last surviving animal. (b) 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. A person having an interest in
the welfare of the animal may request the court to appoint a person to enforce the trust or
to remove a person appointed. (c) 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...
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26-1A-201
Section 26-1A-201 Authority that requires specific grant; grant of general authority. (a) An
agent under a power of attorney may do the following on behalf of the principal or with the
principal's property only if the power of attorney expressly grants the agent the authority
and exercise of the authority is not otherwise prohibited by another agreement or instrument
to which the authority or property is subject: (1) create, amend, revoke, or terminate an
inter vivos trust; (2) [reserved]; (3) create or change rights of survivorship; (4) create
or change a beneficiary designation; (5) delegate authority granted under the power of attorney;
(6) waive the principal's right to be a beneficiary of a joint and survivor annuity, including
a survivor benefit under a retirement plan; or (7) exercise fiduciary powers that the principal
has authority to delegate. (b) Notwithstanding a grant of authority to do an act described
in subsection (a), unless the power of attorney otherwise expressly...
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26-1A-211
Section 26-1A-211 Estates, trusts, and other beneficial interests. (a) In this section, "estates,
trusts, and other beneficial interests" means a trust, probate estate, guardianship,
conservatorship, escrow, or custodianship or a fund from which the principal is, may become,
or claims to be, entitled to a share or payment. (b) Unless the power of attorney otherwise
provides, language in a power of attorney granting general authority with respect to estates,
trusts, and other beneficial interests authorizes the agent to: (1) accept, receive, receipt
for, sell, assign, pledge, or exchange a share in or payment from the fund; (2) demand or
obtain money or another thing of value to which the principal is, may become, or claims to
be, entitled by reason of the fund, by litigation or otherwise; (3) exercise for the benefit
of the principal a presently exercisable general power of appointment held by the principal;
(4) initiate, participate in, submit to alternative dispute resolution,...
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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-412
Section 19-3B-412 Modification or termination because of unanticipated circumstances or inability
to administer trust effectively. (a) The court may modify the administrative or dispositive
terms of a trust or terminate the trust if, because of circumstances not anticipated by the
settlor, modification or termination will further the purposes of the trust. To the extent
practicable, the modification must be made in accordance with the settlor's probable intention.
(b) The court may modify the administrative terms of a trust if continuation of the trust
on its existing terms would be impracticable or wasteful or impair the trust's administration.
(c) Upon termination of a trust under this section, the trustee shall distribute the trust
property in a manner consistent with the purposes of the trust. (Act 2006-216, p. 314, §1.)...
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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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