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Current as of May 05, 2022 | Updated by FindLaw Staff
(1) A fiduciary shall send a notice required by Subsection 22-3-303(2)(b) in a manner authorized under Section 75-7-109 to:
(a) the qualified beneficiaries determined under Subsection 75-7-103(1)(h);
(b) each person acting, in accordance with Title 75, Chapter 12, Uniform Directed Trust Act, as trust director of the trust; and
(c) each person that is granted a power by the terms of the trust to appoint or remove a trustee or person described in Subsection (1)(b), to the extent the power is exercisable when the person that exercises the power is not then serving as trustee or is a person described in Subsection (1)(b).
(2) The representation provisions of Sections 75-7-301 through 75-7-305 apply to notice under this section.
(3)(a) A person may consent in a record at any time to action proposed under Subsection 22-3-303(2)(b).
(b) If a person required to receive a notice under Subsection (1) consents under Subsection (3)(a) to not receive the notice, the fiduciary is not required to send the person the notice.
(4) A notice required by Subsection 22-3-303(2)(b) shall include:
(a) the action proposed under Subsection 22-3-303(2)(b);
(b) for a conversion of an income trust to a unitrust, a copy of the unitrust policy adopted under Subsection 22-3-303(1)(a);
(c) for a change in the percentage or method used to calculate the unitrust amount, a copy of the unitrust policy or amendment or replacement of the unitrust policy adopted under Subsection 22-3-303(1)(b);
(d) a statement that the person to which the notice is sent may object to the proposed action by stating in a record the basis for the objection and sending or delivering the record to the fiduciary;
(e) the date by which the fiduciary shall receive an objection under Subsection (4)(d), which shall be at least 30 days after the date the notice is sent;
(f) the date on which the action is proposed to be taken and the date on which the action is proposed to take effect;
(g) the name and contact information of the fiduciary; and
(h) the name and contact information of a person that may be contacted for additional information.
Cite this article: FindLaw.com - Utah Code Title 22. Fiduciaries and Trusts § 22-3-304. Notice - last updated May 05, 2022 | https://codes.findlaw.com/ut/title-22-fiduciaries-and-trusts/ut-code-sect-22-3-304/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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