(1) A trustee shall keep adequate records of the administration of the trust.
A trustee shall keep trust property separate from the trustee's own property.
(a) Except as otherwise provided in subsection (4) of this section, a trustee shall cause the trust property to be designated so that the interest of the trust, to the extent feasible, appears in records maintained by a party other than a trustee or beneficiary.
Nothing in subsection (3)(a) of this section may be construed as preventing a trusteefrom holding a property in the name of a nominee or other form, without disclosure of the trust, as authorized in section 15-5-816 (1)(g)(II) and in section 15-1-804 (2)(o), provided the trustee maintains adequate records of all trust property so held.
This subsection (3) does not apply to tangible personal property other than motorvehicles, airplanes, and other property the title of which is registered with a governmental authority.
(4) If the trustee maintains records clearly indicating the respective interests, a trustee may invest as a whole the property of two or more separate trusts.
Source: L. 2018: Entire article added, (SB 18-180), ch. 169, p. 1175, § 1, effective January 1, 2019.