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7-5-102
Section 7-5-102 Definitions. (a) In this article: (1) "Adviser" means a person who,
at the request of the issuer, a confirmer, or another adviser, notifies, or requests another
adviser to notify, the beneficiary that a letter of credit has been issued, confirmed, or
amended. (2) "Applicant" means a person at whose request or for whose account a
letter of credit is issued. The term includes a person who requests an issuer to issue a letter
of credit on behalf of another if the person making the request undertakes an obligation to
reimburse the issuer. (3) "Beneficiary" means a person who under the terms of a
letter of credit is entitled to have its complying presentation honored. The term includes
a person to whom drawing rights have been transferred under a transferable letter of credit.
(4) "Confirmer" means a nominated person who undertakes, at the request or with
the consent of the issuer, to honor a presentation under a letter of credit issued by another.
(5) "Dishonor" of a letter...
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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-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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27-17A-31
Section 27-17A-31 Deposits into trust; trustee responsibilities; interests in funds. (a) Any
person who is paid, collects, or receives funds under a preneed contract for funeral services
or funeral merchandise to be funded by trust shall deposit in trust an amount at least equal
to the sum of 75 percent of the amount collected on the purchase price for all funeral services
and funeral merchandise sold, transportation, and facilities rented other than outer burial
containers, 60 percent of the amount collected on the purchase price for outer burial containers,
110 percent of the wholesale cost of memorials from the amount collected on the purchase price
of memorials, and 100 percent of the amount collected on the purchase price for all cash advance
items sold. (b) All deposits shall be made within 30 days after the end of the calendar month
in which the preneed contract is paid in full, unless, prior to that time, all liabilities
of the seller under the preneed contract to deliver the...
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19-3B-105
Section 19-3B-105 Default and mandatory rules. (a) Except as otherwise provided in the terms
of the trust, this chapter governs the duties and powers of a trustee, relations among trustees,
and the rights and interests of a beneficiary. (b) The terms of a trust prevail over any provision
of this chapter except: (1) the requirements for creating a trust; (2) the duty of a trustee
to act in good faith and in accordance with the terms and purposes of the trust and the interest
of the beneficiaries; (3) the requirement that a trust and its terms be for the benefit of
its beneficiaries, and that the trust have a purpose that is lawful, not contrary to public
policy, and possible to achieve; (4) the power of the court to modify or terminate a trust
under Sections 19-3B-410 through 19-3B-416; (5) the effect of a spendthrift provision and
the rights of certain creditors and assignees to reach a trust as provided in Article 5; (6)
the power of the court under Section 19-3B-702 to require,...
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19-5-1
Section 19-5-1 Definitions. For purposes of this chapter unless the context otherwise requires,
the following terms mean: (1) FIDUCIARY. Includes a personal representative or trustee. (2)
PERSONAL REPRESENTATIVE. An executor, administrator, special administrator, or a person who
performs substantially the same function under the law governing the person's status, and
a successor to any of the above. (3) TRUST. Any express trust, with additions thereto, wherever
and however created, or any separate share of a trust, and includes any arrangement, other
than an estate, which, although not a trust, has substantially the same effect as a trust.
(4) TRUSTEE. An original, additional, or successor trustee, whether or not appointed or confirmed
by a court, and, in the case of an arrangement which is not a trust but which is treated as
a trust for purposes of the GST, includes the person in actual or constructive possession
of the property subject to such arrangement. (5) INTERNAL REVENUE CODE....
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8-9B-2
Section 8-9B-2 Definitions. As used in this chapter: (1) "Affiliate" means: (i) a
person that directly or indirectly owns, controls, or holds with power to vote, 20 percent
or more of the outstanding voting securities of the debtor, other than a person that holds
the securities: (A) as a fiduciary or agent without sole discretionary power to vote the securities;
or (B) solely to secure a debt, if the person has not in fact exercised the power to vote;
(ii) a corporation 20 percent or more of whose outstanding voting securities are directly
or indirectly owned, controlled, or held, with power to vote, by the debtor or a person that
directly or indirectly owns, controls, or holds, with power to vote, 20 percent or more of
the outstanding voting securities of the debtor, other than a person that holds the securities:
(A) as a fiduciary or agent without sole discretionary power to vote the securities; or (B)
solely to secure a debt, if the person has not in fact exercised the power to...
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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, ยง1.)...
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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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19-3D-23
Section 19-3D-23 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 CARE OF ANIMAL.
(a) In this section the following terms have the following meanings: (1) ANIMAL TRUST. A trust
or an interest in a trust created to provide for the care of one or more animals. (2) PROTECTOR.
A person appointed in an animal trust to enforce the trust on behalf of the animal or, if
no such person is appointed in the trust, a person appointed by the court for that purpose.
(b) The decanting power may be exercised over an animal trust that has a protector to the
extent the trust could be decanted under this chapter if each animal that benefits from the
trust were an individual, if the protector consents in a signed record to the exercise of
the power. (c) A protector for an animal has the rights under this chapter of a qualified
beneficiary. (d) Notwithstanding any other provision of this chapter,...
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