72-38-105. Default and mandatory rules. (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.
(2) The terms of a trust prevail over any provision of this chapter except:
(a) the requirements for creating a trust;
(b) subject to 72-40-113, 72-40-115, and 72-40-116, the duty of a trustee to act in good faith and in accordance with the terms and purposes of the trust and the interests of the beneficiaries;
(c) the requirement that a trust and its terms be for the benefit of its beneficiaries and that the trust have a purpose that is lawful, not contrary to public policy, and possible to achieve;
(d) the power of the court to modify or terminate a trust under 72-38-410 through 72-38-416;
(e) the effect of a spendthrift provision;
(f) the power of the court under 72-38-702 to require, dispense with, or modify or terminate a bond;
(g) the power of the court under 72-38-708(2) to adjust a trustee's compensation specified in the terms of the trust that is unreasonably low or high;
(h) the effect of an exculpatory term under 72-38-1008;
(i) the rights under 72-38-1010 through 72-38-1013 of a person other than a trustee or beneficiary;
(j) the periods of limitation for commencing a judicial proceeding;
(k) the power of the court to take the action and exercise the jurisdiction that may be necessary in the interests of justice; and
(l) the subject-matter jurisdiction of the court and venue for commencing a proceeding as provided in 72-38-201 and 72-38-205.
History: En. Sec. 5, Ch. 264, L. 2013; amd. Sec. 21, Ch. 325, L. 2021.