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40-1-4
Section 40-1-4 Lien for taxes - Preferred claim. When a taxpayer makes a general assignment
of his property for the payment of his debts or is declared a bankrupt, or when dead and his
estate is or becomes insolvent, any unpaid taxes assessed against him or against his estate
shall be a preferred claim and shall be paid by the assignee, trustee, or personal representative
out of the first money received by him belonging to the trust or estate. (Acts 1935, No. 194,
p. 256; Code 1940, T. 51, §885.)...
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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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19-3A-106
Section 19-3A-106 Conversion to unitrust. (a) Unless expressly prohibited by the governing
instrument, a trustee may convert a trust into a unitrust as described in this section if
all of the following apply: (1) The trustee has concluded that the conversion will enable
the trustee to better carry out the intent of the settlor or testator and the purposes of
the trust. (2) The trustee gives written notice of the trustee's intention to convert the
trust into a unitrust, including the trustee's initial decisions as set forth below, to all
the qualified beneficiaries. The written notice shall include the following: a. An explanation
of how the unitrust will operate; b. The effective date of the conversion to a unitrust; c.
The unitrust percentage to be used; d. The provisions for prorating a unitrust distribution
for a short year in which a beneficiary's right to payments commences or ceases; e. Whether
the net fair market value of the trust assets will be determined annually or averaged...
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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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19-3B-402
Section 19-3B-402 Requirements for creation. (a) A trust is created only if: (1) the settlor
has capacity to create a trust; (2) the settlor indicates an intention to create the trust;
(3) the trust has a definite beneficiary or is: (A) a charitable trust; (B) a trust for the
care of an animal, as provided in Section 19-3B-408; or (C) a trust for a noncharitable purpose,
as provided in Section 19-3B-409; (4) the trustee has duties to perform; and (5) the same
person is not the sole trustee and sole beneficiary. (b) A beneficiary is definite if the
beneficiary can be ascertained now or in the future, subject to any applicable rule against
perpetuities. (c) A power in a trustee to select a beneficiary from an indefinite class is
valid. If the power is not exercised within a reasonable time, then the power fails and the
property subject to the power passes to the persons who would have taken the property had
the power not been conferred. (Act 2006-216, p. 314, §1.)...
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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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40-15B-2
Section 40-15B-2 Definitions. In this chapter: (1) "Apportionable estate" means the
value of the gross estate as finally determined for purposes of the estate tax to be apportioned
reduced by: (A) any claim or expense allowable as a deduction for purposes of the tax; (B)
the value of any interest in property that, for purposes of the tax, qualifies for a marital
or charitable deduction or otherwise is deductible or is exempt; and (C) any amount added
to the decedent's gross estate because of a gift tax on transfers made before death. (2) "Estate
tax" means a federal, state, or foreign tax imposed because of the death of an individual
and interest and penalties associated with the tax. The term does not include an inheritance
tax, income tax, or generation-skipping transfer tax other than a generation-skipping transfer
tax incurred on a direct skip taking effect at death. (3) "Gross estate" means,
with respect to an estate tax, all interests in property subject to the tax. (4) "Person"...
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19-3A-102
Section 19-3A-102 Definitions. As used in this chapter, the following terms are defined as
follows: (1) ACCOUNTING PERIOD. A calendar year unless another 12-month period is selected
by a fiduciary. The term includes a portion of a calendar year or other 12-month period that
begins when an income interest begins or ends when an income interest ends. (2) BENEFICIARY.
Includes, in the case of a decedent's estate, an heir, legatee, and devisee and, in the case
of a trust, an income beneficiary and a remainder beneficiary. (3) FIDUCIARY. A personal representative
or a trustee. The term includes an executor, administrator, successor personal representative,
special administrator, and a person performing substantially the same function. (4) INCOME.
Money or property that a fiduciary receives as current return from a principal asset. The
term also includes a portion of receipts from a sale, exchange, or liquidation of a principal
asset, to the extent provided in Article 4. (5) INCOME...
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8-6-71
Section 8-6-71 (Repealed effective January 1, 1997) Definitions. For the purposes of this article,
unless the context otherwise requires, the following terms shall have the meanings respectively
ascribed to them by this section: Assignment. Such term includes any written stock power,
bond power, bill of sale, deed, declaration of trust, or other instrument of transfer. Claim
of beneficial interest. Such term includes a claim of any interest by a decedent's legatee,
distributee, heir or creditor, a beneficiary under a trust, a ward, a beneficial owner of
a security registered in the name of a nominee or a minor owner of a security registered in
the name of a custodian, or a claim of any similar interest whether the claim is asserted
by the claimant, a fiduciary, or by any other authorized person on his behalf and includes
a claim that the transfer would be in breach of fiduciary duties. Corporation. A private or
public corporation, association, or trust issuing a security. Fiduciary. An...
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10A-1-1.03
Section 10A-1-1.03 Definitions. As used in this title, unless the context otherwise requires,
the following terms mean: (1) AFFILIATE. A person who controls, is controlled by, or is under
common control with another person. An affiliate of an individual includes the spouse, or
a parent or sibling thereof, of the individual, or a child, grandchild, sibling, parent, or
spouse of any thereof, of the individual, or an individual having the same home as the individual,
or a trust or estate of which an individual specified in this sentence is a substantial beneficiary;
a trust, estate, incompetent, conservatee, protected person, or minor of which the individual
is a fiduciary; or an entity of which the individual is director, general partner, agent,
employee or the governing authority or member of the governing authority. (2) ASSOCIATE. When
used to indicate a relationship with: (A) a domestic or foreign entity for which the person
is: (i) an officer or governing person; or (ii) a beneficial...
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