Title 30, Guardians And Trustees

§554-6 Investments. Every trustee, other than a trust company acting as such, except insofar as the terms of the instrument or words creating or defining the trust specifically provide otherwise, or unless it is otherwise ordered by the court, which order may be made on an ex par…

§554-7 Assignee for creditors, instructions, and approval of accounts. A trustee or assignee for creditors has the same right, by application to a circuit court to request and receive instructions or to have the trustee's or assignee's accounts approved or be discharged from the …

§554-8 Charitable trusts; expenses. In any proceedings, in any court, concerning a trust, which is wholly or partly charitable and in which the attorney general has been cited by the court or trustees as a necessary or proper party, the court having jurisdiction of such proceedin…

§554-9 Charitable trusts; leases. Trustees of a charitable trust may modify, suspend, or waive the enforcement of any provision of any lease or accept a surrender thereof if a leased land or any structure built thereon has been destroyed in part or in whole by any natural disaste…

§554B-1 Definitions. As used in this chapter: "Adult" means an individual who has attained the age of eighteen years. "Beneficiary" means an individual for whom property has been delivered to a custodial trustee for the individual's use and benefit under this chapter. "Conservato…

[§554B-10] Determination of incapacity, proceeding and effect. (a) A beneficiary is incapacitated for the purposes of this chapter and the custodial trustee shall administer and distribute the custodial trust as one for an incapacitated beneficiary: (1) If the custodial trust is …

[§554B-11] Exemption of third person from liability. A third person in good faith and without a court order may act on instructions of, or otherwise deal with, a person purporting to make a transfer as, or purporting to act in the capacity of, a custodial trustee, and, in the abs…

[§554B-12] Liability to third persons. (a) A claim based on a contract entered into by a custodial trustee acting in a fiduciary capacity, an obligation arising from the ownership or control of custodial trust property, or a tort committed in the course of administering the custo…

§554B-13 Declination, resignation, incapacity, death, or removal of custodial trustee; designation of successor custodial trustee. (a) A person designated as custodial trustee, before accepting the custodial trust property, may decline to serve by notifying the person who made th…

[§554B-14] Expenses, compensation, and bond of custodial trustee. Except as provided otherwise in the custodial trust instrument, in an agreement with the beneficiary, or by court order: (1) A custodial trustee is entitled to reimbursement from custodial trust property for reason…

[§554B-15] Reporting and accounting by custodial trustee; determination of liability of custodial trustee. (a) Upon the acceptance of the custodial trust property, a custodial trustee shall provide a written statement describing the custodial trust property and shall thereafter p…

§554B-16 Limitations of action against custodial trustee. (a) Except as provided in subsection (c), unless previously barred by adjudication, consent, or limitation, a claim for relief against a custodial trustee for accounting or breach of duty is barred as to a beneficiary, a p…

§554B-17 Termination and distribution. (a) A custodial trust terminates on the custodial trustee's receipt of a signed written direction of the beneficiary, if not incapacitated within section 554B-10, or of the beneficiary's conservator, if any, or upon the beneficiary's death. …

[§554B-18] Implementation, methods, and forms for creating custodial trusts. (a) If a transaction otherwise satisfies applicable law, (1) The execution and either delivery to the custodial trustee or recording of an instrument in substantially the following form satisfies the req…

[§554B-19] Applicable law. (a) This chapter applies to a registration, transfer, or declaration that refers to this chapter as provided in section 554B-2 if, at the time of the registration, transfer, or declaration, the transferor, beneficiary, or custodial trustee is a resident…

§554B-2 Custodial trust; general. (a) A person may create a custodial trust of property by transfer evidenced by registration or other written instrument of transfer to another in any manner consistent with law, naming an individual, who may be the transferor or another, as benef…

[§554B-20] Uniformity of application and construction. This chapter shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this chapter among states enacting it. [L 1989, c 76, pt of §1]

[§554B-21] Short title. This chapter may be cited as the Hawaii Uniform Custodial Trust Act. [L 1989, c 76, pt of §1]

[§554B-22] Severability. If any provision of this chapter or its application to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of this chapter which can be given effect without the invalid provision or application, and …

[§554B-3] Custodial trustee for future payment or transfer. A custodial trust may be created upon the occurrence of a future event. The person having the right to designate the recipient of property payable or transferable upon a future event may designate in writing a custodial …

[§554B-4] Form and effect of receipt and acceptance by custodial trustee, jurisdiction. (a) The obligations of a custodial trustee, including the obligation to follow directions of the beneficiary pursuant to section 554B-7, arise under this chapter upon the custodial trustee's a…

§554B-5 Transfer to custodial trustee by fiduciary or obligor, facility of payment. (a) Unless controlled by an instrument designating a custodial trustee under section 554B-3, a person, including a fiduciary other than a custodial trustee, who holds property of or owes a debt to…

[§554B-6] Multiple beneficiaries, separate custodial trusts, survivorship. (a) Beneficial interests in a custodial trust created for multiple beneficiaries are deemed to be separate custodial trusts of equal undivided interests for each beneficiary. Except in transfers for benefi…

[§554B-7] General management duties of custodial trustee. (a) A custodial trustee shall register or record the instrument transferring title to custodial trust property if appropriate. (b) In the management, control, investment, or retention of custodial trust property, a custodi…

[§554B-7.5] Minors in theatrical employment; mandatory trust account; fiduciary duty; rules. (a) The parent or legal guardian of a minor in theatrical employment shall establish a trust account for the benefit of the minor before the minor's first instance of theatrical employmen…

[§554B-8] General powers of custodial trustee. (a) A custodial trustee, acting in a fiduciary capacity, has all the rights, powers, and authority over custodial trust property that an unmarried adult owner has over individually owned property, but a custodial trustee may exercise…

[§554B-9] Use of custodial trust property. (a) The custodial trustee shall pay to the beneficiary or expend for the beneficiary's benefit so much or all of the custodial trust property as the beneficiary while not incapacitated may direct from time to time. (b) If the beneficiary…

PART X. LIABILITY OF TRUSTEES AND RIGHTS OF PERSONS DEALING WITH TRUSTEE [§554D-1001] Remedies for breach of trust. (a) A violation by a trustee of a duty the trustee owes to a beneficiary is a breach of trust. A breach of trust may occur by reason of an action or by reason of a …

[§554D-1002] Damages for breach of trust. (a) A trustee who commits a breach of trust is liable to the beneficiaries affected for the greater of: (1) The amount required to restore the value of the trust property and trust distributions to what they would have been had the breach…

[§554D-1003] No damages in absence of breach. Absent a breach of trust, a trustee shall not be liable to a beneficiary for a loss or depreciation in the value of trust property or for not having made a profit. [L 2021, c 32, pt of §2]

[§554D-1004] Attorney's fees and costs. (a) In a judicial proceeding involving the administration, interpretation, or validity of a trust, the court may award reasonable attorney's fees, costs, and expenses to any party to the trust who has acted in the best interest of the trust…

[§554D-1005] Limitation of action against trustee. (a) A beneficiary shall not commence a proceeding against a trustee for breach of trust more than one year after the date the beneficiary or a representative of the beneficiary, as described in part III, was sent a report that ad…

[§554D-1006] Reliance on trust instrument. A trustee who acts in reasonable reliance on the terms of the trust as expressed in the trust instrument shall not be liable to a beneficiary for a breach of trust to the extent the breach resulted from the reliance. [L 2021, c 32, pt of…

[§554D-1007] Event affecting administration or distribution. If the happening of an event, including marriage, divorce, performance of educational requirements, or attainment of a specific age, birth, or death, affects the administration or distribution of a trust, a trustee who …

[§554D-1008] Exculpation of trustee. A term of a trust relieving a trustee of liability for breach of trust is unenforceable to the extent that it: (1) Relieves the trustee of liability for breach of trust committed in bad faith or with reckless indifference to the purposes of th…

[§554D-1009] Beneficiary's consent, release, or ratification. A trustee is not liable to a beneficiary for breach of trust if the beneficiary or the representative of the beneficiary, as described in part III, consented to the conduct constituting the breach, released the trustee…

PART I. GENERAL PROVISIONS AND DEFINITIONS [§554D-101] Short title. This chapter may be cited as the Uniform Trust Code. [L 2021, c 32, pt of §2]

[§554D-1010] Limitation on personal liability of trustee. (a) Except as otherwise provided in the contract, a trustee shall not be personally liable on a contract properly entered into in the trustee's fiduciary capacity in the course of administering the trust if the trustee in …

[§554D-1011] Interest as general partner. (a) Unless personal liability is imposed in the contract, a trustee who holds an interest as a general partner in a general or limited partnership shall not be personally liable on a contract entered into by the partnership after the trus…

[§554D-1012] Protection of person dealing with trustee. (a) A person, other than a beneficiary, who in good faith assists a trustee or who in good faith and for value deals with a trustee, without actual knowledge that the trustee is exceeding or improperly exercising the trustee…

[§554D-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, the date the trust i…

[§554D-102] Scope. This chapter applies to express trusts, charitable or noncharitable, and trusts created pursuant to a statute, judgment, or decree that requires the trust to be administered in the manner of an express trust. [L 2021, c 32, pt of §2]

[§554D-103] Definitions. As used in this chapter: "Action", with respect to an act of a trustee, includes a failure to act. "Ascertainable standard" means a standard relating to an individual's health, education, support, or maintenance within the meaning of section 2041(b)(1)(A)…

[§554D-104] Knowledge. (a) Subject to subsection (b), a person has knowledge of a fact if the person: (1) Has actual knowledge of it; (2) Has received a notice or notification of it; or (3) From all the facts and circumstances known to the person at the time in question, has reas…

[§554D-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 provisi…

[§554D-106] Common law of trusts; principles of equity. The common law of trusts and principles of equity supplement this chapter, except to the extent modified by this chapter or another law of this State. [L 2021, c 32, pt of §2]