19-3B-814
Section 19-3B-814 Discretionary powers; tax savings. (a) Notwithstanding the breadth of discretion
granted to a trustee in the terms of the trust, including the use of such terms as "absolute,"
"sole," or "uncontrolled," the trustee shall exercise a discretionary
power in good faith and in accordance with the terms and purposes of the trust and the interests
of the beneficiaries. (b) Subject to subsection (d), and unless the terms of the trust expressly
indicate that a rule in this subsection does not apply: (1) a person other than a settlor
who is a beneficiary and trustee of a trust that confers on the trustee a power to make discretionary
distributions to or for the trustee's personal benefit may exercise the power only in accordance
with an ascertainable standard; and (2) a trustee may not exercise a power to make discretionary
distributions to satisfy a legal obligation of support that the trustee personally owes another
person. (c) A power whose exercise is limited or prohibited...
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19-3D-21
Section 19-3D-21 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. NEED TO DISTRIBUTE
NOT REQUIRED. An authorized fiduciary may exercise the decanting power whether or not under
the first trust's discretionary distribution standard the fiduciary would have made or could
have been compelled to make a discretionary distribution of principal at the time of the exercise.
(Act 2018-519, §21.)...
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19-3B-410
Section 19-3B-410 Modification or termination of trust; proceedings for approval or disapproval.
(a) In addition to the methods of termination prescribed by Sections 19-3B-411 through 19-3B-414,
a trust terminates to the extent the trust is revoked or expires pursuant to its terms, no
purpose of the trust remains to be achieved, or the purposes of the trust have become unlawful,
contrary to public policy, or impossible to achieve. (b) A proceeding to approve or disapprove
a proposed modification or termination under Sections 19-3B-411 through 19-3B-416, or trust
combination or division under Section 19-3B-417, may be commenced by a trustee or beneficiary.
The settlor of a charitable trust may maintain a proceeding to modify the trust under Section
19-3B-413. (Act 2006-216, p. 314, §1.)...
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10A-2A-7.30
Section 10A-2A-7.30 Voting trusts. (a) One or more stockholders may create a voting trust,
conferring on a trustee the right to vote or otherwise act for them, by signing an agreement
setting out the provisions of the trust (which may include anything consistent with its purpose)
and transferring their stock to the trustee. When a voting trust agreement is signed, the
trustee shall prepare a list of the names and addresses of all voting trust beneficial owners,
together with the number and class of stock each transferred to the trust, and deliver copies
of the list and agreement to the corporation at its principal office. (b) A voting trust becomes
effective on the date the first shares of stock subject to the trust are registered in the
trustee's name. (c) Limits, if any, on the duration of a voting trust shall be as set forth
in the voting trust. A voting trust that became effective when this chapter provided a 10-year
limit on its duration remains governed by the provisions of this...
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19-3A-404
Section 19-3A-404 Principal receipts. A fiduciary shall allocate to principal: (1) To the extent
not allocated to income under this chapter, assets received from a transferor during the transferor's
lifetime, a decedent's estate, a trust with a terminating income interest, or a payer under
a contract naming the trust or its fiduciary as beneficiary; (2) Subject to any contrary rules
in Section 19-3A-401 through Section 19-3A-415, money or other property received from the
sale, exchange, liquidation, or change in form of a principal asset, including realized profit;
(3) Amounts recovered from third parties to reimburse the trust because of disbursements described
in Section 19-3A-502(c) or for other reasons not based on the loss of income; (4) Proceeds
of property taken by eminent domain, but a separate award made for the loss of income with
respect to an accounting period during which a current income beneficiary had a mandatory
income interest is income; (5) Net income received in an...
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19-3A-506
Section 19-3A-506 Adjustments between principal and income because of taxes. (a) A fiduciary
may make adjustments between principal and income to offset the shifting of economic interests
or tax benefits between income beneficiaries and remainder beneficiaries which arise from
any of the following: (1) Elections and decisions, other than those described in subsection
(b), that the fiduciary makes from time to time regarding tax matters; (2) An income tax or
any other tax that is imposed upon the fiduciary or a beneficiary as a result of a transaction
involving a decedent's estate, a trust, or a distribution from a decedent's estate or a trust;
or (3) The ownership by a decedent's estate or trust of an interest in an entity whose taxable
income, whether or not distributed, is includable in the taxable income of the decedent's
estate, trust, or a beneficiary. (b) If the amount of an estate tax marital deduction or charitable
contribution deduction is reduced because a fiduciary deducts...
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10A-2-7.30
Section 10A-2-7.30 Voting trust. REPEALED IN THE 2019 REGULAR SESSION BY ACT 2019-94 EFFECTIVE
JANUARY 1, 2020. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. (a) One or more shareholders
may create a voting trust, conferring on a trustee the right to vote or otherwise act for
them, by signing an agreement setting out the provisions of the trust, which may include anything
consistent with its purpose, and transferring their shares to the trustee. When a voting trust
agreement is signed, the trustee shall prepare a list of the names and addresses of all owners
of beneficial interests in the trust, together with the number and class of shares each transferred
to the trust, and deliver copies of the list and agreement to the corporation's principal
office. (b) A voting trust becomes effective on the date the first shares subject to the trust
are registered in the trustee's name. A voting trust is valid for not more than 10 years after
its effective date unless extended under subsection (c)....
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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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19-3B-205
Section 19-3B-205 Judicial accountings and settlements. (a) A trustee may file an accounting
of the trustee's administration of a trust in court at any time and seek a partial or final
settlement thereof or, upon petition of an interested party, a court may order a trustee to
render an accounting of the trustee's administration of a trust and require a partial or final
settlement thereof. Notice of such judicial proceeding shall be provided to the trustee and
each beneficiary, or representative thereof pursuant to Article 3, as provided by the applicable
rules of civil procedure. (b) A trust accounting must be a reasonably understandable report
from the date of the last accounting or, if none, from the date upon which the trustee became
accountable, or other such date the court may set, which provides reasonable detail of the
transactions affecting the administration of the trust, and which adequately discloses the
following information: (1) The accounting must identify the trust, the...
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45-37-123.109
Section 45-37-123.109 Participant distribution notice. (a) The pension board shall during the
30 to 180 day period before making an eligible rollover distribution, provide a written explanation
to the recipient: (1) Of the provisions under which the recipient may have the distribution
directly transferred to an eligible retirement plan and that the automatic distribution by
direct transfer applies to certain distributions in accordance with § 401(a)(31)(B), Internal
Revenue Code; (2) Of the provision which requires the withholding of tax on the distribution
if it is not directly transferred to an eligible retirement plan; (3) Of the provisions under
which the distribution shall not be subject to tax if transferred to an eligible retirement
plan within 60 days after the date on which the recipient received the distribution; (4) If
applicable, of the provisions of §§ 402(d) and 402(e), Internal Revenue Code; (5) Of the
provisions under which distributions from the eligible retirement...
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