Utah Code 75A-5-304. Notice
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(1) A fiduciary shall send a notice required by Subsection 75A-5-303 (2)(b) in a manner authorized under Section 75-7-109 to:
Terms Used In Utah Code 75A-5-304
- 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.
- Fiduciary: includes :(8)(a) a trustee, trust director as defined in Section
75-12-102 , personal representative, life tenant, holder of a term interest, and person acting under a delegation from a fiduciary;(8)(b) a person that holds property for a successor beneficiary whose interest may be affected by an allocation of receipts and expenditures between income and principal; and(8)(c) if there are two or more co-fiduciaries, all co-fiduciaries acting under the terms of the trust and applicable law. See Utah Code 75A-5-102- Income: includes a part of receipts from a sale, exchange, or liquidation of a principal asset to the extent provided in Part 4, Allocation of Receipts. See Utah Code 75A-5-102
- Person: means :
(14)(a) an individual;(14)(b) an estate;(14)(c) a trust;(14)(d) a business or nonprofit entity;(14)(e) a public corporation, government or governmental subdivision, agency, or instrumentality; or(14)(f) any other legal entity. See Utah Code 75A-5-102- Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See Utah Code 75A-5-102
- Trust: includes :
(23)(a)(i) an express trust, private or charitable, with additions to the trust, wherever and however created; and(23)(a)(ii) 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 75A-5-102- Trustee: A person or institution holding and administering property in trust.
- Trustee: includes an original, additional, or successor trustee, whether appointed or confirmed by a court. See Utah Code 75A-5-102
- Unitrust: includes an express unitrust. See Utah Code 75A-5-301
- Unitrust amount: means :
(6)(a) an amount computed by multiplying a determined value of a trust by a determined percentage; and(6)(b) for a unitrust administered under a unitrust policy, the applicable value multiplied by the unitrust rate. See Utah Code 75A-5-301- Unitrust policy: means a policy described in Sections
75A-5-305 through75A-5-309 and adopted under Section75A-5-303 . See Utah Code 75A-5-301(1)(a) the qualified beneficiaries determined under Subsection75-7-103 (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 Sections75-7-301 through75-7-305 apply to notice under this section.(3)(3)(a) A person may consent in a record at any time to action proposed under Subsection75A-5-303 (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 Subsection75A-5-303 (2)(b) shall include:(4)(a) the action proposed under Subsection75A-5-303 (2)(b);(4)(b) for a conversion of an income trust to a unitrust, a copy of the unitrust policy adopted under Subsection75A-5-303 (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 Subsection75A-5-303 (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.