Title 72, Title 72

(1) Subject to subsection (2), a second trust may have a duration that is the same as or different from the duration of the first trust. (2) To the extent that property of a second trust is attributable to property of the first trust, the property of the second trust is subject t…

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.

(1) If exercise of the decanting power would be effective under this chapter except that the second-trust instrument in part does not comply with this chapter, the exercise of the power is effective and the following rules apply with respect to the principal of the second trust a…

(1) In this section: (a) "Animal trust" means a trust or an interest in a trust created to provide for the care of one or more animals. (b) "Protector" means a person appointed in an animal trust to enforce the trust on behalf of the animal or, if no such person is appointed in t…

A reference in Title 72, chapter 38, to a trust instrument or terms of the trust includes a second-trust instrument and the terms of the second trust.

(1) For purposes of law of this state other than this chapter and subject to subsection (2), a settlor of a first trust is deemed to be the settlor of the second trust with respect to the portion of the principal of the first trust subject to the exercise of the decanting power. …

(1) Except as otherwise provided in subsection (3), if exercise of the decanting power was intended to distribute all the principal of the first trust to one or more second trusts, later-discovered property belonging to the first trust and property paid to or acquired by the firs…

A debt, liability, or other obligation enforceable against property of a first trust is enforceable to the same extent against the property when held by the second trust after exercise of the decanting power.

In applying and construing this uniform act, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it.

This chapter modifies, limits, or supersedes the Electronic Signatures in Global and National Commerce Act, 15 U.S.C. 7001, et seq., but does not modify, limit, or supersede section 101(c) of that act, 15 U.S.C. 7001(c), or authorize electronic delivery of any of the notices desc…

The common law of trusts and principles of equity supplement this chapter except to the extent modified by this chapter or another statute of this state.

This part may be cited as the "Uniform Directed Trust Act".

In this part, the following definitions apply: (1) "Breach of trust" includes a violation by a trust director or trustee of a duty imposed on that director or trustee by the terms of the trust, this part, or law of this state other than this part pertaining to trusts. (2) "Direct…

(1) This part applies to a trust, whenever created, that has its principal place of administration in this state, subject to the following rules: (a) if the trust was created before October 1, 2021, this part applies only to a decision or action occurring on or after October 1, 2…

The common law and principles of equity supplement this part, except to the extent modified by this part or law of this state other than this part.

(1) In this section, "power of appointment" means a power that enables a person acting in a nonfiduciary capacity to designate a recipient of an ownership interest in or another power of appointment over trust property. (2) This part does not apply to a: (a) power of appointment;…

(1) Subject to 72-40-111, the terms of a trust may grant a power of direction to a trust director. (2) Unless the terms of a trust provide otherwise: (a) a trust director may exercise any further power appropriate to the exercise or nonexercise of a power of direction granted to …

A trust director is subject to the same rules as a trustee in a like position and under similar circumstances in the exercise or nonexercise of a power of direction or further power under 72-40-110(2)(a) regarding: (1) a payback provision in the terms of a trust necessary to comp…

(1) Subject to subsection (2), with respect to a power of direction or further power under 72-40-110(2)(a): (a) a trust director has the same fiduciary duty and liability in the exercise or nonexercise of the power: (i) if the power is held individually, as a sole trustee in a li…

(1) Subject to subsection (2), a directed trustee shall take reasonable action to comply with a trust director's exercise or nonexercise of a power of direction or further power under 72-40-110(2)(a), and the trustee is not liable for the action. (2) A directed trustee may not co…

(1) Subject to 72-40-115, a trustee shall provide information to a trust director to the extent the information is reasonably related both to: (a) the powers or duties of the trustee; and (b) the powers or duties of the director. (2) Subject to 72-40-115, a trust director shall p…

(1) Unless the terms of a trust provide otherwise: (a) a trustee does not have a duty to: (i) monitor a trust director; or (ii) inform or give advice to a settlor, beneficiary, trustee, or trust director concerning an instance in which the trustee might have acted differently tha…

The terms of a trust may relieve a cotrustee from duty and liability with respect to another cotrustee's exercise or nonexercise of a power of the other cotrustee to the same extent that in a directed trust a directed trustee is relieved from duty and liability with respect to a …

(1) An action against a trust director for breach of trust must be commenced within the same limitation period as under 72-38-1005 for an action for breach of trust against a trustee in a like position and under similar circumstances. (2) A report or accounting has the same effec…

In an action against a trust director for breach of trust, the director may assert the same defenses a trustee in a like position and under similar circumstances could assert in an action for breach of trust against the trustee.

(1) By accepting appointment as a trust director of a trust subject to this part, the director submits to personal jurisdiction of the courts of this state regarding any matter related to a power or duty of the director. (2) This section does not preclude other methods of obtaini…

Unless the terms of a trust provide otherwise, the rules applicable to a trustee apply to a trust director regarding the following matters: (1) acceptance under 72-38-701; (2) giving of bond to secure performance under 72-38-702; (3) reasonable compensation under 72-38-708; (4) r…

In applying and construing this uniform act, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it.

This part modifies, limits, or supersedes the Electronic Signatures in Global and National Commerce Act, 15 U.S.C. 7001 et seq., but does not modify, limit, or supersede section 101(c) of that act, 15 U.S.C. 7001(c), or authorize electronic delivery of any of the notices describe…