75B-2-414. Modification or termination of uneconomic trust.
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Effective 5/7/2025
75B-2-414. Modification or termination of uneconomic trust.
(1)After notice to the qualified beneficiaries, the trustee of a trust consisting of trust property having a total value less than $100,000 may terminate the trust if the trustee concludes that the value of the trust property is insufficient to justify the cost of administration.
(2)The court may modify or terminate a trust or remove the trustee and appoint a different trustee if it determines that the value of the trust property is insufficient to justify the cost of administration.
(3)Upon termination of a trust under this section, the trustee shall distribute the trust property in a manner consistent with the purposes of the trust.
(4)This section does not apply to an easement for conservation or preservation.
Renumbered and Amended by Chapter 310 , 2025 General Session