72-40-102. Definitions.
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/mt/title-72/chapter-40/part-1/72-40-102·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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 .