Utah Code 75-12-111. No duty to monitor, inform, or advise
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(1) Unless the terms of a trust provide otherwise:
Terms Used In Utah Code 75-12-111
- 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
- Settlor: means the same as that term is defined in Section 75-7-103. See Utah Code 75-12-102
- Terms of a trust: means :(8)(a) subject to Subsection (8)(b), the manifestation of the settlor's intent regarding a trust's provisions as:(8)(a)(i) expressed in the trust instrument; or(8)(a)(ii) established by other evidence that would be admissible in a judicial proceeding; or(8)(b) the trust's provisions as established, determined, or amended by:(8)(b)(i) a trustee or trust director in accordance with applicable law;(8)(b)(ii) a court order; or(8)(b)(iii) a nonjudicial settlement agreement under Section 75-7-110. See Utah Code 75-12-102
- Trust: includes :(60)(a)(i) a health savings account, as defined in Section 223of the Internal Revenue Code;(60)(a)(ii) an express trust, private or charitable, with additions thereto, wherever and however created; or(60)(a)(iii) a trust created or determined by judgment or decree under which the trust is to be administered in the manner of an express trust. See Utah Code 75-1-201 v2
- Trust director: means a person that is granted a power of direction by the terms of a trust to the extent the power is exercisable while the person is not serving as a trustee, regardless of whether:(9)(a) the terms of the trust refer to the person as a trust director; or(9)(b) the person is a beneficiary or settlor of the trust. See Utah Code 75-12-102
- Trustee: A person or institution holding and administering property in trust.
- Trustee: includes an original, additional, and successor trustee, and a cotrustee. See Utah Code 75-12-102
(1)(a) a trustee does not have a duty to:
(1)(a)(i) monitor a trust director; or
(1)(a)(ii) inform or give advice to a settlor, beneficiary, trustee, or trust director concerning an instance in which the trustee might have acted differently than the director; and
(1)(b) by taking an action described in Subsection (1)(a), a trustee does not assume the duty excluded under Subsection (1)(a).
(2) Unless the terms of a trust provide otherwise:
(2)(a) a trust director does not have a duty to:
(2)(a)(i) monitor a trustee or another trust director; or
(2)(a)(ii) inform or give advice to a settlor, beneficiary, trustee, or another trust director concerning an instance in which the director might have acted differently than a trustee or another trust director; and
(2)(b) by taking an action described in Subsection (1)(a), a trust director does not assume the duty excluded under Subsection (1)(a).