Utah Code 75-7-105 v2. Default and mandatory rules
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(1) Except as otherwise provided in the terms of the trust, this chapter governs the duties and powers of a trustee, relations among trustees, and the rights and interests of a beneficiary.
Terms Used In Utah Code 75-7-105 v2
- 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
- Court: means any of the courts of record in this state having jurisdiction in matters relating to the affairs of decedents. See Utah Code 75-1-201 v2
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Person: means an individual or an organization. See Utah Code 75-1-201 v2
- Proceeding: includes action at law and suit in equity. See Utah Code 75-1-201 v2
- 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
- Trustee: A person or institution holding and administering property in trust.
- Trustee: includes an original, additional, and successor trustee, and cotrustee, whether or not appointed or confirmed by the court. See Utah Code 75-1-201 v2
- Venue: The geographical location in which a case is tried.
(2) Except as specifically provided in this chapter, the terms of a trust prevail over any provision of this chapter except:
(2)(a) the requirements for creating a trust;
(2)(b) subject to Sections 75-12-109 , 75-12-111 , and 75-12-112 , the duty of a trustee to act in good faith and in accordance with the purposes of the trust;
(2)(c) the requirement that a trust and the terms of the trust be for the benefit of the trust’s beneficiaries;
(2)(d) the power of the court to modify or terminate a trust under Sections 75-7-410 through 75-7-416 ;
(2)(e) the effect of a spendthrift provision, Section 75B-1-302 , and the rights of certain creditors and assignees to reach a trust as provided in Part 5, Creditor’s Claims – Spendthrift and Discretionary Trusts;
(2)(f) the power of the court under Section 75-7-702 to require, dispense with, or modify or terminate a bond;
(2)(g) the effect of an exculpatory term under Section 75-7-1008 ;
(2)(h) the rights under Sections 75-7-1010 through 75-7-1013 of a person other than a trustee or beneficiary;
(2)(i) periods of limitation for commencing a judicial proceeding; and
(2)(j) the jurisdiction and venue requirements for an action involving a trust as described in Sections 75-7-203 and 75-7-205 .