75-7-815 - Distribution upon termination. - Utah Statutes

75-7-815. Distribution upon termination.
(1) Upon termination or partial termination of a trust, the trustee may send to thebeneficiaries a proposal for distribution. The right of any beneficiary to object to the proposeddistribution terminates if the beneficiary does not notify the trustee of an objection within 30days after the proposal was sent but only if the proposal informed the beneficiary of the right toobject and of the time allowed for objection.
(2) Upon the occurrence of an event terminating or partially terminating a trust, thetrustee shall proceed expeditiously to distribute the trust property to the persons entitled to it,subject to the right of the trustee to retain a reasonable reserve for the payment of debts,expenses, and taxes.
(3) A release by a beneficiary of a trustee from liability for breach of trust is invalid tothe extent:
(a) it was induced by improper conduct of the trustee; or
(b) the beneficiary, at the time of the release, did not know or had no reason to know ofthe beneficiary's rights or of the material facts relating to the breach.

Enacted by Chapter 89, 2004 General Session