[CHAPTER 554D]

UNIFORM TRUST CODE

 

        Part I.  General Provisions and Definitions

Section

     554D-101 Short title

     554D-102 Scope

     554D-103 Definitions

     554D-104 Knowledge

     554D-105 Default and mandatory rules

     554D-106 Common law of trusts; principles of equity

     554D-107 Governing law

     554D-108 Principal place of administration

     554D-109 Methods and waiver of notice

     554D-110 Others treated as qualified beneficiaries

     554D-111 Nonjudicial settlement agreements

     554D-112 Rules of construction

     554D-113 Insurable interest of trustee

 

        Part II.  Judicial Proceedings

     554D-201 Role of court in administration of trust

     554D-202 Jurisdiction over trustee and beneficiary

     554D-203 Subject matter jurisdiction

     554D-204 Venue

 

        Part III.  Representation

     554D-301 Representation; basic effect

     554D-302 Representation by holder of power of appointment

     554D-303  Representation by fiduciaries and parents

     554D-304 Representation by person having substantially

              identical interest

     554D-305 Appointment of guardian ad litem

 

        Part IV.  Creation, Validity, Modification, and

                  Termination of Trust

     554D-401 Methods of creating trust

     554D-402 Requirements for creation

     554D-403 Trusts created in other jurisdictions

     554D-404 Trust purposes

     554D-405 Charitable purposes; enforcement

     554D-406 Creation of trust induced by fraud, duress, or

              undue influence

     554D-407 Evidence of oral trust

     554D-408 Trust for care of animal

     554D-409 Noncharitable trust without ascertainable

              beneficiary

     554D-410 Modification or termination of trust; proceedings

              for approval or disapproval

     554D-411 Modification or termination of noncharitable

              irrevocable trust by consent

     554D-412 Modification or termination because of

              unanticipated circumstances or inability to

              administer trust effectively

     554D-413 Cy pres

     554D-414 Modification or termination of uneconomic trust

     554D-415 Reformation to correct mistakes

     554D-416 Modification to achieve settlor's tax objectives

     554D-417 Combination and division of trusts

 

        Part V.  Creditor's Claims; Spendthrift and

                 Discretionary Trusts

     554D-501 Rights of beneficiary's creditor or assignee

     554D-502 Spendthrift provision

     554D-503 Exceptions to spendthrift provision

     554D-504 Discretionary trusts; effect of standard

     554D-505 Creditor's claim against settlor

     554D-506 Overdue distribution

     554D-507 Personal obligations of trustee

 

        Part VI.  Revocable Trusts

     554D-601 Capacity of settlor of revocable trust

     554D-602 Revocation or amendment of revocable trust

     554D-603 Settlor's powers; powers of withdrawal

     554D-604 Limitation on action contesting validity of

              revocable trust; distribution of trust property

 

        Part VII.  Office of Trustee

     554D-701 Accepting or declining trusteeship

     554D-702 Trustee's bond

     554D-703 Cotrustees

     554D-704 Vacancy in trusteeship; appointment of successor

     554D-705 Resignation of trustee

     554D-706 Removal of trustee

     554D-707 Delivery of property by former trustee

     554D-708 Compensation of trustee

     554D-709 Reimbursement of expenses

 

        Part VIII.  Duties and Powers of Trustee

     554D-801 Duty to administer trust

     554D-802 Duty of loyalty

     554D-803 Impartiality

     554D-804 Prudent administration

     554D-805 Costs of administration

     554D-806 Trustee's skills

     554D-807 Delegation by trustee

     554D-808 Powers to direct

     554D-809 Control and protection of trust property

     554D-810 Recordkeeping and identification of trust property

     554D-811 Enforcement and defense of claims

     554D-812 Collecting trust property

     554D-813 Duty to inform and report

     554D-814 Discretionary powers; tax savings

     554D-815 General powers of trustee

     554D-816 Specific powers of trustee

     554D-817 Distribution upon termination

 

        Part IX.  Uniform Prudent Investor Act

     554D-901 Prudent investor rule

     554D-902 Standard of care; portfolio strategy; risk and

              return objectives

     554D-903 Diversification

     554D-904 Duties at inception of trusteeship

     554D-905 Reviewing compliance

     554D-906 Language invoking standard of part

 

        Part X.  Liability of Trustees and Rights of Persons

                 Dealing with Trustee

     554D-1001 Remedies for breach of trust

     554D-1002 Damages for breach of trust

     554D-1003 No damages in absence of breach

     554D-1004 Attorney's fees and costs

     554D-1005 Limitation of action against trustee

     554D-1006 Reliance on trust instrument

     554D-1007 Event affecting administration or distribution

     554D-1008 Exculpation of trustee

     554D-1009 Beneficiary's consent, release, or ratification

     554D-1010 Limitation on personal liability of trustee

     554D-1011 Interest as general partner

     554D-1012 Protection of person dealing with trustee

     554D-1013 Certification of trust

 

        Part XI.  Miscellaneous Provisions

     554D-1101 Uniformity of application and construction

     554D-1102 Electronic records and signatures

     554D-1103 Severability clause

     554D-1104 Application to existing relationships