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19-3D-3
Section 19-3D-3 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. SCOPE. (a) Except as
otherwise provided in subsections (b) and (c), this chapter applies to an express trust that
is irrevocable, or revocable by the settlor only with the consent of the trustee or a person
holding an adverse interest. (b) This chapter does not apply to a trust held solely for charitable
purposes. (c) Subject to Section 19-3D-15, a trust instrument may restrict or prohibit exercise
of the decanting power. (d) This chapter does not limit the power of a trustee, powerholder,
or other person to distribute or appoint property in further trust or to modify a trust under
the trust instrument, laws of this state other than this chapter, common law, a court order,
or a nonjudicial settlement agreement. (e) This chapter does not affect the ability of a settlor
to provide in a trust instrument for the distribution...
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43-8-140
Section 43-8-140 Testamentary additions to trusts. A devise or bequest, the validity of which
is determinable by the law of this state, may be made by a will to the trustee of a trust
established or to be established by the testator and some other person or by some other person
(including a funded or unfunded life insurance trust, although the trustor has reserved any
or all rights of ownership of the insurance contracts) if the trust is identified in the testator's
will and its terms are set forth in a written instrument (other than a will) executed before
or concurrently with the execution of the testator's will or in the valid last will of a person
who has predeceased the testator (regardless of the existence, size, or character of the corpus
of the trust). The devise is not invalid because the trust is amendable or revocable, or because
the trust was amended after the execution of the will or after the death of the testator.
Unless the testator's will provides otherwise, the...
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19-3B-1013
Section 19-3B-1013 Certification of trust. (a) Instead of furnishing a copy of the trust instrument
to a person other than a beneficiary, the trustee may furnish to the person a certification
of trust containing the following information: (1) that the trust exists and the date the
trust instrument was executed; (2) the identity of the settlor; (3) the identity and address
of the currently acting trustee; (4) the powers of the trustee in a pending transaction or
relevant to the request; (5) the revocability or irrevocability of the trust and the identity
of any person holding a power to revoke the trust; (6) the authority of co-trustees to sign
or otherwise authenticate and whether all or less than all are required in order to exercise
powers of the trustee; (7) the trust's taxpayer identification number; and (8) the name in
which title to trust property may be taken. (b) A certification of trust may be signed or
otherwise authenticated by any trustee. (c) A certification of trust must...
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19-3B-202
Section 19-3B-202 Jurisdiction over trustee and beneficiary. (a) A trustee submits personally
to the jurisdiction of the courts of this state regarding any matter involving a trust: (1)
by accepting the trusteeship of a trust whose settlor was a resident of this state at the
time of the trust's creation, or in the case of testamentary trusts, the settlor was a resident
of this state at death; (2) by accepting the trusteeship of a trust having its principal place
of administration in this state; or (3) by moving the principal place of administration of
the trust to this state. Notwithstanding the foregoing, subsection (a)(1) shall not apply
if the settlor designates the law of a jurisdiction other than this state to govern the trust.
(b) With respect to their interests in the trust, the beneficiaries of a trust having its
principal place of administration in this state are subject to the jurisdiction of the courts
of this state regarding any matter involving the trust. By accepting a...
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26-1A-116
Section 26-1A-116 Judicial relief. (a) The following persons may petition a court to construe
a power of attorney, determine the validity of a power of attorney, or review the agent's
conduct, and grant appropriate relief: (1) the principal or the agent; (2) a guardian, conservator,
or other fiduciary acting for the principal; (3) a person authorized to make health care decisions
for the principal; (4) the principal's spouse, parent, or descendant; (5) an individual who
would qualify as a presumptive heir of the principal; (6) a person named as a beneficiary
to receive any property, benefit, or contractual right on the principal's death or as a beneficiary
of a trust created by or for the principal that has a financial interest in the principal's
estate; (7) a governmental agency having regulatory authority to protect the welfare of the
principal; (8) the principal's caregiver or another person that demonstrates sufficient interest
in the principal's welfare; (9) a person asked to...
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19-3B-802
Section 19-3B-802 Duty of loyalty. (a) A trustee shall administer the trust solely in the interests
of the beneficiaries. (b) Subject to the rights of persons dealing with or assisting the trustee
as provided in Section 19-3B-1012, a sale, encumbrance, or other transaction involving the
investment or management of trust property entered into by the trustee for the trustee's own
personal account or which is otherwise affected by a conflict between the trustee's
fiduciary and personal interests is voidable by a beneficiary affected by the transaction
unless: (1) the transaction was authorized by the terms of the trust; (2) the transaction
was approved by the court; (3) the beneficiary did not commence a judicial proceeding within
the time allowed by Section 19-3B-1005; (4) the beneficiary consented to the trustee's conduct,
ratified the transaction, or released the trustee in compliance with Section 19-3B-1009; or
(5) the transaction involves a contract entered into or claim acquired by...
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37-14-38
Section 37-14-38 Validation procedure; authorization for validation of provisions of article.
In order to foster and encourage the underlying policies of this article and to assure that
sales and purchases of distribution facilities, and other transactions and actions authorized
or allowed by this article may be conducted in good faith with a knowledge of the validity
of the provisions hereof, and further, to assure that irrevocable commitments are not made
in the implementation of the provisions of this article without the assurance of their legality
and validity, the following judicial review process is hereby authorized and it is declared
to be the legislative intent that the provisions of this statute be judicially reviewed and
validated pursuant to the procedure set forth herein and that the circuit court enter a judgment
in accordance with the procedure set forth herein. (1) FILING OF COMPLAINT FOR DETERMINATION
AS TO LEGALITY OF PROVISIONS OF ARTICLE. - At any time subsequent to...
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19-3A-501
Section 19-3A-501 Disbursements from income. A trustee shall make the following disbursements
from income to the extent that they are not disbursements to which Section 19-3A-201(c)(2)
or Section 19-3A-201(c)(3) applies: (a) All of the regular compensation of the trustee and
of any person providing investment advisory or custodial services to the trustee, to the extent
not charged to principal pursuant to Section 19-3A-502(a)(1); (b) All expenses for accountings,
judicial proceedings, or other matters that involve both the income and remainder interests,
to the extent not charged to principal pursuant to Section 19-3A-502(a)(1); (c) All of the
other ordinary expenses incurred in connection with the administration, management, or preservation
of trust property and the distribution of income, including interest, ordinary repairs, regularly
recurring taxes assessed against principal, and expenses of a proceeding or other matter that
concerns primarily the income interest; (d) All...
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19-3B-504
Section 19-3B-504 Discretionary trusts; effect of standard. (a) In this section, the terms
"child", "spouse", or "former spouse" include any person for
whom an order or judgment for child or spousal support has been entered in this or another
state. (b) Except as otherwise provided in subsection (c), whether or not a trust contains
a spendthrift provision, a creditor of a beneficiary may not compel a distribution that is
subject to the trustee's discretion, even if: (1) the discretion is expressed in the form
of a standard of distribution; or (2) the trustee has abused the discretion. (c) To the extent
a trustee has not complied with a standard of distribution or has abused a discretion: (1)
a distribution may be ordered by the court to satisfy a judgment or court order against the
beneficiary for support or maintenance of the beneficiary's child, spouse, or former spouse;
and (2) the court shall direct the trustee to pay to the child, spouse, or former spouse such
amount as is...
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38-9B-5
Section 38-9B-5 AFT Corporation, Trust, and Charitable Trust. THIS SECTION WAS AMENDED BY ACT
2018-36 IN THE 2018 REGULAR SESSION, EFFECTIVE JANUARY 31, 2018. THIS IS NOT IN THE CURRENT
CODE SUPPLEMENT. (a) The board of trustees shall establish and administer the AFT Corporation.
The board of trustees shall execute all documents necessary to establish and administer the
AFT Corporation including, but not limited to, documents to form a not-for-profit corporation
and to qualify as an organization pursuant to Section 501(c)(3) of the United States Internal
Revenue Code. (b) The AFT Corporation shall establish the AFT Trust and the AFT Charitable
Trust, and the board of trustees shall administer the AFT Trust and the AFT Charitable Trust
through the AFT Corporation. The board of trustees and the AFT Corporation shall take all
steps necessary to satisfy all federal and state laws, and all regulations, rules, and policies
established by the federal Social Security Administration to ensure...
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