(Last Revised or Amended in 2005)

Drafted by the

NATIONAL CONFERENCE OF COMMISSIONERS
ON UNIFORM STATE LAWS

and by it

APPROVED AND RECOMMENDED FOR ENACTMENT
IN ALL THE STATES

at its

MEETING IN ITS ONE-HUNDRED-AND-THIRTEENTH YEAR
PORTLAND, OREGON
JULY 30 - AUGUST 6, 2004

WITH PREFATORY NOTE AND COMMENTS

COPYRIGHT 2005
By
NATIONAL CONFERENCE OF COMMISSIONERS
ON UNIFORM STATE LAWS

March 7, 2005

ABOUT NCCUSL

The National Conference of Commissioners on Uniform State Laws (NCCUSL), now in its 114th year, provides states with non-partisan, well-conceived and well-drafted legislation that brings clarity and stability to critical areas of state statutory law.

Conference members must be lawyers, qualified to practice law. They are practicing lawyers, judges, legislators and legislative staff and law professors, who have been appointed by state governments as well as the District of Columbia, Puerto Rico and the U.S. Virgin Islands to research, draft and promote enactment of uniform state laws in areas of state law where uniformity is desirable and practical.

• NCCUSL strengthens the federal system by providing rules and procedures that are consistent from state to state but that also reflect the diverse experience of the states.

• NCCUSL statutes are representative of state experience, because the organization is made up of representatives from each state, appointed by state government.

• NCCUSL keeps state law up-to-date by addressing important and timely legal issues.

• NCCUSL's efforts reduce the need for individuals and businesses to deal with different laws as they move and do business in different states.

• NCCUSL's work facilitates economic development and provides a legal platform for foreign entities to deal with U.S. citizens and businesses.

• NCCUSL Commissioners donate thousands of hours of their time and legal and drafting expertise every year as a public service, and receive no salary or compensation for their work.

• NCCUSL's deliberative and uniquely open drafting process draws on the expertise of commissioners, but also utilizes input from legal experts, and advisors and observers representing the views of other legal organizations or interests that will be subject to the proposed laws.

• NCCUSL is a state-supported organization that represents true value for the states, providing services that most states could not otherwise afford or duplicate.

DRAFTING COMMITTEE TO AMEND UNIFORM TRUST CODE

• MAURICE A. HARTNETT, III, Delaware Supreme Court,
  144 Cooper Road, Dover, DE 19901, Chair

• FRANK W. DAYKIN, 4745 Giles Way, Carson City, NV 89704,
  Committee Member and Committee on Style Liaison

• E. EDWIN ECK, II, University of Montana, School of Law, Missoula, MT 59812

• JOHN H. LANGBEIN, Yale Law School, P.O. Box 208215, New Haven, CT 06520

• GLEE S. SMITH, P.O. Box 360, 111 E. 8th, Larned, KS 67550

• NATHANIEL STERLING, Law Revision Commission,
  Suite D-1, 4000 Middlefield Road, Palo Alto, CA 94303

• RICHARD V. WELLMAN, University of Georgia, School of Law, Athens, GA 30602

• DAVID M. ENGLISH, University of Missouri School of Law,
  Missouri and Conley Avenues, Columbia, MO 65211, Reporter

EX OFFICIO

• FRED H. MILLER, University of Oklahoma, College of Law,
  300 Timberdell Rd., Room 3056, Norman, OK 73019, President

• REX BLACKBURN, 1673 West Shoreline Dr., Suite 200,
  P.O. Box 7808, Boise, ID 83702, Division Chair

AMERICAN BAR ASSOCIATION ADVISOR

• JOSEPH KARTIGANER,
  812 Fifth Ave., New York, NY 10021, American Bar Association Advisor

EXECUTIVE DIRECTOR

• WILLIAM H. HENNING, University of Alabama School of Law,
  Box 870382, Tuscaloosa, AL 35487-0382, Executive Director

  WILLIAM J. PIERCE,
  1505 Roxbury Rd., Ann Arbor, MI 48104, Executive Director Emeritus

Copies of this Act may be obtained from:
NATIONAL CONFERENCE OF COMMISSIONERS
ON UNIFORM STATE LAWS
211 E. Ontario Street, Suite 1300
Chicago, Illinois 60611
312/915-0195

UNIFORM TRUST CODE

TABLE OF CONTENTS

Prefatory Note

Article 1. General Provisions and Definitions

Section 101. Short Title

Section 102. Scope

Section 103. Definitions

Section 104. Knowledge

Section 105. Default and Mandatory Rules

Section 106. Common Law of Trusts; Principles of Equity

Section 107. Governing Law

Section 108. Principal Place of Administration

Section 109. Methods and Waiver of Notice

Section 110. Others Treated as Qualified Beneficiaries

Section 111. Nonjudicial Settlement Agreements

Section 112. Rules of Construction

Article 2. Judicial Proceedings

Section 201. Role of Court in Administration of Trust

Section 202. Jurisdiction Over Trustee and Beneficiary

Section 203. Subject-Matter Jurisdiction

Section 204. Venue

Article 3. Representation

Section 301. Representation: Basic Effect

Section 302. Representation by Holder of
General Testamentary Power of Appointment

Section 303. Representation by Fiduciaries and Parents

Section 304. Representation by Person
Having Substantially Identical interest

Section 305. Appointment of Representative

Article 4. Creation, Validity, Modification, and Termination of Trust

Section 401. Methods of Creating Trust

Section 402. Requirements For Creation

Section 403. Trusts Created in Other Jurisdictions

Section 404. Trust Purposes

Section 405. Charitable Purposes; Enforcement

Section 406. Creation of Trust induced by Fraud,
Duress, or Undue influence

Section 407. Evidence of oral Trust

Section 408. Trust For Care of Animal

Section 409. Noncharitable Trust Without Beneficiary

Section 410. Modification or Termination of Trust;
Proceedings For Approval or Disapproval

Section 411. Modification or Termination
of Noncharitable Irrevocable Trust by Consent

Section 412. Modification or Termination Because of Unanticipated Circumstances or inability to Administer Trust Effectively

Section 413. Cy Pres

Section 414. Modification or Termination of Uneconomic Trust

Section 415. Reformation to Correct Mistakes

Section 416. Modification to Achieve Settlor's Tax Objectives

Section 417. Combination and Division of Trusts

Article 5. Creditor's Claims; Spendthrift and Discretionary Trusts

Section 501. Rights of Beneficiary's Creditor or Assignee

Section 502. Spendthrift Provision

Section 503. Exceptions to Spendthrift Provision

Section 504. Discretionary Trusts; Effect of Standard

Section 505. Creditor's Claim Against Settlor

Section 506. Overdue Distribution

Section 507. Personal Obligations of Trustee

Article 6. Revocable Trusts

Section 601. Capacity of Settlor of Revocable Trust

Section 602. Revocation or Amendment of Revocable Trust

Section 603. Settlor's Powers; Powers of Withdrawal

Section 604. Limitation On Action Contesting Validity of Revocable Trust; Distribution of Trust Property

Article 7. Office of Trustee

Section 701. Accepting or Declining Trusteeship

Section 702. Trustee's Bond

Section 703. Cotrustees

Section 704. Vacancy in Trusteeship; Appointment of Successor

Section 705. Resignation of Trustee

Section 706. Removal of Trustee

Section 707. Delivery of Property by Former Trustee

Section 708. Compensation of Trustee

Section 709. Reimbursement of Expenses

Article 8. Duties and Powers of Trustee

Section 801. Duty to Administer Trust

Section 802. Duty of Loyalty

Section 803. Impartiality

Section 804. Prudent Administration

Section 805. Costs of Administration

Section 806. Trustee's Skills

Section 807. Delegation by Trustee

Section 808. Powers to Direct

Section 809. Control and Protection of Trust Property

Section 810. Recordkeeping and Identification of Trust Property

Section 811. Enforcement and Defense of Claims

Section 812. Collecting Trust Property

Section 813. Duty to inform and Report

Section 814. Discretionary Powers; Tax Savings

Section 815. General Powers of Trustee

Section 816. Specific Powers of Trustee

Section 817. Distribution Upon Termination

Article 9. Uniform Prudent investor Act

 

Article 10. Liability of Trustees and Rights
of Persons Dealing With Trustee

Section 1001. Remedies For Breach of Trust

Section 1002. Damages For Breach of Trust

Section 1003. Damages in Absence of Breach

Section 1004. Attorney's Fees and Costs

Section 1005. Limitation of Action Against Trustee

Section 1006. Reliance On Trust instrument

Section 1007. Event Affecting Administration or Distribution

Section 1008. Exculpation of Trustee

Section 1009. Beneficiary's Consent, Release, or Ratification

Section 1010. Limitation On Personal Liability of Trustee

Section 1011. Interest as General Partner

Section 1012. Protection of Person Dealing With Trustee

Section 1013. Certification of Trust

Article 11. Miscellaneous Provisions

Section 1101. Uniformity of Application and Construction

Section 1102. Electronic Records and Signatures

Section 1103. Severability Clause

Section 1104. Effective Date

Section 1105. Repeals

Section 1106. Application to Existing Relationships

Additional Resources

Uniform Trust Code Summary

A few facts about the Uniform Trust Code

Other Important Documents Regarding the Uniform Trust Code

Adkisson's Captive Insurance Companies: An Introduction to Captives, Closely-Held Insurance Companies and Risk Retention Groups

Amazon.com

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