Title 75A, Title 75A: Fiduciaries

75A-2-402. Relation to Electronic Signatures in Global and National Commerce Act. This chapter modifies, limits, and supersedes the federal Electronic Signatures in Global and National Commerce Act, 15 U.S.C. Sec. 7001 et seq., but does not modify, limit, or supersede Section 101…

75A-2-403. Effect on existing powers of attorney. Except as otherwise provided: (1) this chapter applies to a power of attorney created before, on, or after May 10, 2016; (2) this chapter applies to a judicial proceeding concerning a power of attorney commenced on or after May 10…

75A-4-102. Definitions for chapter. As used in this chapter: (1) "Appointee" means a person to which a powerholder makes an appointment of appointive property. (2) "Appointive property" means the property or property interest subject to a power of appointment. (3) "Blanket-exerci…

75A-4-103. Governing law. (1) Unless the terms of the instrument creating a power of appointment manifest a contrary intent: the creation, revocation, amendment, interpretation and definition of terms, or the determination of the rights of the appointee of the power is governed b…

75A-4-104. Common law and principles of equity. The common law and principles of equity supplement this chapter, except to the extent modified by this chapter or laws of this state other than this chapter.

75A-4-201. Creation of power of appointment. (1) A power of appointment is created only if: the instrument creating the power is valid under applicable law; and the terms of the instrument creating the power manifest the donor's intent to create in a powerholder a power of appoin…

75A-4-202. Nontransferability. (1) A powerholder may not transfer a power of appointment. (2) If a powerholder dies without exercising or releasing a power, the power lapses.

75A-4-203. Presumption of unlimited authority. Subject to Section, and unless the terms of the instrument creating a power of appointment manifest a contrary intent, the power is: (1) presently exercisable; (2) exclusionary; and (3) except as otherwise provided in Section, genera…

75A-4-204. Exception to presumption of unlimited authority. Unless the terms of the instrument creating a power of appointment manifest a contrary intent, the power is nongeneral if: (1) the power is exercisable only at the powerholder's death; and (2) the permissible appointees …

75A-4-205. Rules of classification. (1) As used in this section, "adverse party" means a person with a substantial beneficial interest in property that would be affected adversely by a powerholder's exercise or nonexercise of a power of appointment in favor of the powerholder, th…

75A-4-206. Donor's power to revoke or amend. A donor may revoke or amend a power of appointment unless or to the extent the instrument creating the power is made irrevocable by the donor or the exercise of a presently exercisable power has been irrevocably made or effected.

75A-4-301. Requisites for exercise of power of appointment. A power of appointment is exercised only: (1) if the instrument exercising the power is valid under applicable law; (2) if the terms of the instrument exercising the power: manifest the powerholder's intent to exercise t…

75A-4-302. Intent to exercise -- Determining intent from residuary clause. (1) As used in this section,"residuary clause" does not include a residuary clause containing a blanket-exercise clause or a specific-exercise clause. (2) A residuary clause in a powerholder's will, or a c…

75A-4-303. Intent to exercise -- After-acquired power. Unless the terms of the instrument exercising a power of appointment manifest a contrary intent: (1) except as otherwise provided in Subsection (2), a blanket-exercise clause extends to a power acquired by the powerholder aft…

75A-4-304. Compliance with donor-imposed formal requirements. (1) A powerholder's compliance with formal requirements of appointment imposed by the donor is sufficient only if the powerholder substantially complies with the conditions, requirements, and formalities set forth in t…

75A-4-305. Permissible appointment. (1) A powerholder of a general power of appointment that permits appointment to the powerholder or the powerholder's estate may make any appointment, including an appointment in trust or creating a new power of appointment, that the powerholder…

75A-4-306. Appointment to deceased appointee or permissible appointee's descendant. (1) Subject to Sectionsand, an appointment to a deceased appointee is ineffective. 75-2-603 75-2-604 (2) Unless the terms of the instrument creating a power of appointment manifest a contrary inte…

75A-4-307. Impermissible appointment. (1) Except as otherwise provided in Section, an exercise of a power of appointment in favor of an impermissible appointee is ineffective. 75A-4-306 (2) An exercise of a power of appointment in favor of a permissible appointee is ineffective t…

75A-4-308. Elective allocation doctrine. If a powerholder exercises a power of appointment in a disposition that also disposes of property the powerholder owns, the owned property and the appointive property shall be allocated in the permissible manner that best carries out the p…

75A-4-309. Capture doctrine -- Disposition of ineffectively appointed property under general power. To the extent a powerholder of a general power of appointment, other than a power to withdraw property from, revoke, or amend a trust, makes an ineffective appointment: (1) the gif…

75A-4-310. Disposition of unappointed property under released or unexercised general power. To the extent a powerholder releases or fails to exercise a general power of appointment other than a power to withdraw property from, revoke, or amend a trust: (1) the gift-in-default cla…

75A-4-311. Disposition of unappointed property under released or unexercised nongeneral power. To the extent a powerholder releases, ineffectively exercises, or fails to exercise a nongeneral power of appointment: (1) the gift-in-default clause controls the disposition of the una…

75A-4-312. Disposition of unappointed property if partial appointment to taker in default. Unless the terms of the instrument creating or exercising a power of appointment manifest a contrary intent, if the powerholder makes a valid partial appointment to a taker in default of ap…

75A-4-313. Appointment to taker in default. If a powerholder makes an appointment to a taker in default of appointment and the appointee would have taken the property under a gift-in-default clause had the property not been appointed, the power of appointment is considered not to…

75A-4-314. Powerholder's authority to revoke or amend exercise. Unless the terms of the instrument creating the power of appointment or the instrument exercising the power of appointment provide that the exercise is irrevocable or unamendable, a powerholder may revoke or amend an…

75A-4-401. Disclaimer. As provided by Section: (1) A powerholder may disclaim all or part of a power of appointment. (2) A permissible appointee, an appointee, or a taker in default of appointment may disclaim all or part of an interest in appointive property.

75A-4-402. Authority to release. A powerholder may release a power of appointment, in whole or in part, except to the extent the terms of the instrument creating the power prevent the release.

75A-4-403. Method of release. A powerholder of a releasable power of appointment may release the power in whole or in part: (1) by substantial compliance with a method provided in the terms of the instrument creating the power; or (2) if the terms of the instrument creating the p…

75A-4-404. Revocation or amendment of release. A powerholder may revoke or amend a release of a power of appointment only to the extent that: (1) the instrument of release is revocable by the powerholder; or (2) the powerholder reserves a power of revocation or amendment in the i…

75A-4-405. Power to contract -- Presently exercisable power of appointment. A powerholder of a presently exercisable power of appointment may contract: (1) not to exercise the power; or (2) to exercise the power if the contract when made does not confer a benefit on an impermissi…

75A-4-406. Power to contract -- Power of appointment not presently exercisable. A powerholder of a power of appointment that is not presently exercisable may contract to exercise or not to exercise the power only if the powerholder: (1) is also the donor of the power; and (2) has…

75A-4-407. Remedy for breach of contract to appoint or not to appoint. The remedy for a powerholder's breach of a contract to appoint or not to appoint appointive property is limited to damages payable out of the appointive property or, if appropriate, specific performance of the…

75A-4-501. Creditor claim -- General power created by powerholder. (1) As used in this section, "power of appointment created by the powerholder" includes a power of appointment created in a transfer by another person to the extent the powerholder contributed value to the transfe…

75A-4-502. Creditor claim -- Power not created by powerholder. (1) The property subject to a general or a nongeneral power of appointment not created by the powerholder, including a presently exercisable general or nongeneral power of appointment, is exempt from a claim of a cred…

75A-4-503. Power to withdraw. (1) For purposes of this part, and except as otherwise provided in Subsection (2), a power to withdraw property from a trust is treated, during the time the power may be exercised, as a presently exercisable general power of appointment to the extent…

75A-4-601. Uniformity of application and construction. In applying and construing this uniform act, consideration shall be given to the need to promote uniformity of the law with respect to its subject matter among states that enact this uniform law.

75A-4-602. Relation to Electronic Signatures in Global and National Commerce Act. This chapter modifies, limits, or supersedes the Electronic Signatures in Global and National Commerce Act, 15 U.S.C. Sec. 7001 et seq., but does not modify, limit, or supersede Section 101(c) of th…

75A-4-603. Application to existing relationships. (1) Except as otherwise provided in this chapter, on and after May 9, 2017: this chapter applies to a power of appointment created before, on, or after May 9, 2017; this chapter applies to a judicial proceeding concerning a power …

75A-5-102. Definitions for chapter. As used in this chapter: (1) "Accounting period" means a calendar year, unless a fiduciary selects another period of 12 calendar months or approximately 12 calendar months. "Accounting period" includes a part of a calendar year or another perio…

75A-5-103. Scope. Except as otherwise provided in the terms of a trust or this chapter, this chapter applies to: (1) a trust or estate; and (2) a life estate or other term interest in which the interest of one or more persons will be succeeded by the interest of one or more other…

75A-5-104. Governing law. (1) Except as otherwise provided in the terms of a trust or this chapter, this chapter applies when this state is: the principal place of administration of a trust or estate; or the situs of property that is not held in a trust or estate and is subject t…

75A-5-201. Fiduciary duties -- General principles. (1) In making an allocation or determination or exercising discretion under this chapter, a fiduciary shall: act in good faith, based on what is fair and reasonable to all beneficiaries; administer a trust or estate impartially, …

75A-5-202. Judicial review of exercise of discretionary power -- Request for instruction. (1) In this section, "fiduciary decision" means: a fiduciary's allocation between income and principal or other determination regarding income and principal required or authorized by the ter…

75A-5-203. Fiduciary's power to adjust. (1) Except as otherwise provided in the terms of a trust or this section, a fiduciary, in a record, without court approval, may adjust between income and principal if the fiduciary determines the exercise of the power to adjust will assist …

75A-5-301. Definitions for part. As used in this part: (1) "Applicable value" means the amount of the net fair market value of a trust taken into account under Section. 75A-5-307 (2) "Express unitrust" means a trust for which, under the terms of the trust without regard to this p…

75A-5-302. Application -- Duties and remedies. (1) Except as otherwise provided in Subsection (2), this part applies to: an income trust, unless the terms of the trust expressly prohibit use of this part by: a specific reference to this part; or an explicit expression of intent t…