75-7-701 - Accepting or declining trusteeship. - Utah Statutes

75-7-701. Accepting or declining trusteeship.
(1) Except as otherwise provided in Subsection (3), a person designated as trusteeaccepts the trusteeship:
(a) by substantially complying with a method of acceptance provided in the terms of thetrust; or
(b) if the terms of the trust do not provide a method or the method provided in the termsis not expressly made exclusive, by accepting delivery of the trust property, exercising powers orperforming duties as trustee, or otherwise indicating acceptance of the trusteeship.
(2) A person designated as trustee who has not yet accepted the trusteeship may reject thetrusteeship. A designated trustee who does not accept the trusteeship within a reasonable timeafter knowing of the designation is considered to have rejected the trusteeship.
(3) A person designated as trustee, without accepting the trusteeship, may:
(a) act to preserve the trust property if, within a reasonable time after acting, the personsends a rejection of the trusteeship to the settlor or, if the settlor is dead or lacks capacity, to aqualified beneficiary; and
(b) inspect or investigate trust property to determine potential liability underenvironmental or other law or for any other purpose.

Enacted by Chapter 89, 2004 General Session