Utah Code 16-15-110. Trustee and beneficiary governed by declaration of trust — Common law
Current as of: 2024 | Check for updates
|
Other versions
(1) A trustee or beneficiary of a business trust shall be governed by all the provisions of the declaration of trust of the business trust.
Terms Used In Utah Code 16-15-110
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Beneficiary: means a person holding a certificate representing a beneficial interest in the trust estate and assets. See Utah Code 16-15-102
- Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
- Trustee: A person or institution holding and administering property in trust.
(2) This chapter neither affects nor alters in any way the rights, powers, and obligations, of a trustee or beneficiary of a business trust under common law.