75-7-414 - Modification or termination of uneconomic trust. - Utah Statutes

75-7-414. Modification or termination of uneconomic trust.
(1) After notice to the qualified beneficiaries, the trustee of a trust consisting of trustproperty having a total value less than $100,000 may terminate the trust if the trustee concludesthat 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 adifferent trustee if it determines that the value of the trust property is insufficient to justify thecost of administration.
(3) Upon termination of a trust under this section, the trustee shall distribute the trustproperty in a manner consistent with the purposes of the trust.
(4) This section does not apply to an easement for conservation or preservation.

Enacted by Chapter 89, 2004 General Session