Utah Code 22-3-304. Notice
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(1) A fiduciary shall send a notice required by Subsection 22-3-303(2)(b) in a manner authorized under Section 75-7-109 to:
Terms Used In Utah Code 22-3-304
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Fiduciary: A trustee, executor, or administrator.
- Person: means :(24)(a) an individual;(24)(b) an association;(24)(c) an institution;(24)(d) a corporation;(24)(e) a company;(24)(f) a trust;(24)(g) a limited liability company;(24)(h) a partnership;(24)(i) a political subdivision;(24)(j) a government office, department, division, bureau, or other body of government; and(24)(k) any other organization or entity. See Utah Code 68-3-12.5
- Trustee: A person or institution holding and administering property in trust.
(1)(a) the qualified beneficiaries determined under Subsection 75-7-103(1)(h);(1)(b) each person acting, in accordance with Title 75, Chapter 12, Uniform Directed Trust Act, as trust director of the trust; and(1)(c) each person that is granted a power by the terms of the trust to appoint or remove a trustee or person described in Subsection (1)(b), to the extent the power is exercisable when the person that exercises the power is not then serving as trustee or is a person described in Subsection (1)(b).
(2) The representation provisions of Sections 75-7-301 through 75-7-305 apply to notice under this section.
(3)
(3)(a) A person may consent in a record at any time to action proposed under Subsection 22-3-303(2)(b).
(3)(b) If a person required to receive a notice under Subsection (1) consents under Subsection (3)(a) to not receive the notice, the fiduciary is not required to send the person the notice.
(4) A notice required by Subsection 22-3-303(2)(b) shall include:
(4)(a) the action proposed under Subsection 22-3-303(2)(b);
(4)(b) for a conversion of an income trust to a unitrust, a copy of the unitrust policy adopted under Subsection 22-3-303(1)(a);
(4)(c) for a change in the percentage or method used to calculate the unitrust amount, a copy of the unitrust policy or amendment or replacement of the unitrust policy adopted under Subsection 22-3-303(1)(b);
(4)(d) a statement that the person to which the notice is sent may object to the proposed action by stating in a record the basis for the objection and sending or delivering the record to the fiduciary;
(4)(e) the date by which the fiduciary shall receive an objection under Subsection (4)(d), which shall be at least 30 days after the date the notice is sent;
(4)(f) the date on which the action is proposed to be taken and the date on which the action is proposed to take effect;
(4)(g) the name and contact information of the fiduciary; and
(4)(h) the name and contact information of a person that may be contacted for additional information.