72-40-102. Definitions. In this part, the following definitions apply:
(1) "Breach of trust" includes a violation by a trust director or trustee of a duty imposed on that director or trustee by the terms of the trust, this part, or law of this state other than this part pertaining to trusts.
(2) "Directed trust" means a trust for which the terms of the trust grant a power of direction.
(3) "Directed trustee" means a trustee that is subject to a trust director's power of direction.
(4) "Person" has the meaning in 72-38-103.
(5) "Power of direction" means a power over a trust granted to a person by the terms of the trust to the extent the power is exercisable while the person is not serving as a trustee. The term includes a power over the investment, management, or distribution of trust property or other matters of trust administration. The term excludes the powers described in 72-40-105(2).
(6) "Settlor" has the meaning in 72-38-103.
(7) "State" has the meaning in 72-38-103.
(8) "Terms of a trust" means:
(a) except as otherwise provided in subsection (8)(b), the manifestation of the settlor's intent regarding a trust's provision as:
(i) expressed in the trust instrument; or
(ii) established by other evidence that would be admissible in a judicial proceeding; or
(b) the trust's provisions as established, determined, or amended by:
(i) a trustee or trust director in accordance with applicable law;
(ii) court order; or
(iii) a nonjudicial settlement agreement under 72-38-111.
(9) "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. The person is a trust director whether or not the terms of the trust refer to the person as a trust director and whether or not the person is a beneficiary or settlor of the trust.
(10) "Trustee" has the meaning in 72-38-103.
History: En. Sec. 2, Ch. 325, L. 2021.