(1) An action against a trust director for a breach of trust must be commenced within the same limitation period as described in Section 75-7-1005 for an action for a breach of trust against a trustee in a like position and under similar circumstances.
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Terms Used In Utah Code 75-12-113

  • Breach of trust: includes a violation by a trust director or trustee of a duty imposed on the director or trustee by the terms of the trust, this chapter, or the law of this state other than this chapter pertaining to trusts. 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
(2) A report or accounting has the same effect on the limitation period for an action against a trust director for breach of trust that the report or accounting would have as described in Section 75-7-1005 in an action for a breach of trust against a trustee in a like position and under similar circumstances.

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