Title 19 — Title 19

(a) Except as provided in subsection (f), for purposes of this section, a “qualified affidavit” means an affidavit in which the transferor states that at the time of the transfer of the property to the trust, all of the following apply: (1) The transferor has full right, title, a…

Disposition. (a) A qualified disposition may be avoided only to the extent necessary to satisfy or provide for the present value, taking into consideration any uncertainty of the transferor’s debt to the creditor at whose instance the disposition had been avoided. (b) If all or a…

(a)(1) If a person serving as a qualified trustee ceases to meet the requirements of a qualified trustee and there remains no trustee that meets the requirements of a qualified trustee, the person serving as qualified trustee is considered to have resigned as of the time of the c…

That Is a Qualified Distribution. (a) A trust beneficiary does not have the power or capacity to transfer any of the income from property of a trust or portion of a trust which is the subject of a qualified disposition by his or her order, voluntary or involuntary, or by an order…

When used in this article, the following words and phrases shall have the following meanings, respectively, unless the context clearly indicates otherwise: (1) FIDUCIARY. An administrator, an administrator with the will annexed, an administrator de bonis non, an executor, a trust…

Representing Securities; Transfer of Ownership, Etc., of Securities; Maintenance of Records by Fiduciary; Rules and Regulations Governing Banks Acting as Fiduciaries; Certification by Fiduciary of Securities Deposited. (a) Notwithstanding any other provision of law to the contrar…

When used in this article, the following words and phrases shall have the following meanings, respectively, unless the context clearly indicates otherwise: (1) FIDUCIARY. An administrator, an administrator with the will annexed, an administrator de bonis non, an executor, a trust…

Accounts Authorized; Registration of Securities; Maintenance of Records as to Fiduciary Accounts; Rules and Regulations Governing Banks; Certification of Securities Held for Fiduciary Accounts. (a) Notwithstanding any other provision of law to the contrary, any bank holding secur…

This article shall apply to all fiduciary accounts now in existence or hereafter established regardless of the date of the governing instrument or court order under which the bank is acting. History: (Acts 1976, No. 610, p. 828, §3.)

This article shall apply to all fiduciary accounts now in existence or hereafter established regardless of the date of the governing instrument or court order under which the fiduciary is acting. History: (Acts 1976, No. 609, p. 825, §3.)

When used in this article, the following words and phrases shall have the following meanings, respectively, unless the context clearly indicates otherwise: (1) FIDUCIARY. An administrator, an administrator with the will annexed, an administrator de bonis non, an executor, a trust…

Transfer of Ownership, Etc., of Securities; Maintenance of Records as to Fiduciary Accounts; Rules and Regulations Governing Banks; Certification of Securities Deposited for Fiduciary Accounts. (a) Notwithstanding any other provision of law to the contrary, any bank holding treas…

This article shall apply to all fiduciary accounts now in existence or hereafter established regardless of the date of the governing instrument or court order under which the bank is acting. History: (Acts 1976, No. 625, p. 858, §3.)

Idle funds are defined as collected income and principal cash balances received by a fiduciary and held awaiting investment in or distribution from a fiduciary account. As used in this chapter, the term “fiduciary account” shall mean any account for which the bank or trust compan…

A bank or trust company duly authorized to exercise fiduciary powers through the operation of a trust department shall invest idle funds in each fiduciary account in accordance with the specific terms of the governing document. History: (Acts 1991, No. 91-129, p. 163, §1(b).)

In the absence of specific instructions in the governing document, the fiduciary shall invest idle funds in each fiduciary account in a short-term investment vehicle, which may include a deposit in an interest-bearing account, a money market mutual fund, or any other generally ac…

In the absence of specific instructions in the governing document, the fiduciary shall select an investment vehicle for idle funds in each fiduciary account which should provide a reasonable rate of return, taking into consideration the income needs of the current income benefici…

$1,000. In the absence of specific instructions in the governing document, the fiduciary shall invest idle funds in each fiduciary account in a timely manner consistent with the technology employed by the fiduciary but not to exceed 10 business days after the receipt of collected…

In the absence of specific instructions in the governing document, the fiduciary may receive compensation for the investment of idle funds by netting said compensation from the yield of the investment; provided, however, that disclosure of the compensation (expressed as a percent…

The provisions of this chapter shall apply to all fiduciary accounts now existing or hereafter created, but only to the bank or trust company’s actions or inactions occurring after May 28, 1991. History: (Acts 1991, No. 91-129, p. 163, §1(g).)

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 s…

Any fiduciary who in good faith acts or fails to act shall not be liable to any person for taking or failing to take any action authorized or required by this chapter. History: (Acts 1988, No. 88-340, p. 516, §10.)

This chapter applies to any trust or estate that may be subject to Chapter 13 of the Internal Revenue Code. History: (Acts 1988, No. 88-340, p. 516, §11.)

1987. This chapter shall be effective with respect to transfers in trust, and decedents dying, on and after January 1, 1987. History: (Acts 1988, No. 88-340, p. 516, §13.)

Unless prohibited by the governing instrument, any person having authority under Chapter 13 of the Internal Revenue Code to allocate any GST exemption shall be entitled to allocate such exemption to any property or to exclude any such property from such allocation. History: (Acts…

for Exempt and Nonexempt Property. When property is held or to be held in a trust which is or would otherwise be partially exempted from the GST due to the allocation to such trust of a GST exemption, a fiduciary is authorized, but not required, to divide the trust into two separ…

Order to Preclude or Minimize Gst. If under the provisions of the governing instrument, property which is held in one trust (the “first trust”) is to be transferred or poured over to, merged with, or otherwise combined with property in another trust (the “second trust”) and prope…

Gst Purposes into Separate Share Trusts to Effectuate Allocation of Grantor’s, Decedent’s, or Surviving Spouse’s Gst Exemption. When a grantor or decedent transfers property into a trust which has, or which pours into another trust which has, more than one beneficiary or class of…

Share Trusts to Effectuate Allocation of Grantor’s, Decedent’s, or Surviving Spouse’s Gst Exemption; Payment of Estate Taxes. When a grantor or decedent transfers property into a trust for which an election is made or to be made pursuant to Section 2056(b)(7) or 2523(f) of the In…

Distributions provided for by the governing instrument, whether the original trust is divided into separate trusts under the provisions of Section 19-5-3, 19-5-5 or 19-5-6 hereof or the trusts are retained as separate trusts under the provisions of Section 19-5-4 or 19-5-5 hereof…

The purpose of this chapter is to authorize a fiduciary to take appropriate action to preclude or minimize to the extent possible the imposition of the GST, and this chapter shall be broadly construed to effectuate this purpose. History: (Acts 1988, No. 88-340, p. 516, §8.)

A fiduciary may exercise the authority herein granted without prior approval or leave of any court. A fiduciary may also exercise the authority granted in each section contained herein concurrently with the authority granted in each other section contained herein. History: (Acts …