reglab/housing_qa huggingface dataset:
UT Code § 75-7-901 (2021)
2021 Utah Code|Title 75 - Utah Uniform Probate Code|Chapter 7 - Utah Uniform Trust Code|Part 9 - Utah Uniform Prudent Investor Act|Section 901 - Prudent investor rule.

75-7-901. Prudent investor rule.    (1) Except as otherwise provided in Subsection (2), a trustee who invests and manages trust assets owes a duty to the beneficiaries of the trust to comply with the prudent investor rule set forth in this chapter. If a trustee is named on the basis of a trustee's representations of special skills or expertise, the trustee has a duty to use those special skills or expertise.     (2) The prudent investor rule is a default rule and may be expanded, restricted, eliminated, or otherwise altered by the provisions of a trust. A trustee is not liable to a beneficiary to the extent that the trustee acted in reasonable reliance on the provisions of the trust.    Enacted by Chapter 89, 2004 General Session
UT Code § 75-7-902 (2021)
2021 Utah Code|Title 75 - Utah Uniform Probate Code|Chapter 7 - Utah Uniform Trust Code|Part 9 - Utah Uniform Prudent Investor Act|Section 902 - Standard of care -- Portfolio strategy -- Risk and return objectives.

75-7-902. Standard of care -- Portfolio strategy -- Risk and return objectives.    (1) A trustee shall invest and manage trust assets as a prudent investor would, by considering the purposes, terms, distribution requirements, and other circumstances of the trust. In satisfying this standard, the trustee shall exercise reasonable care, skill, and caution.     (2) A trustee's investment and management decisions respecting individual assets must be evaluated not in isolation but in the context of the trust portfolio as a whole and as a part of an overall investment strategy having risk and return objectives reasonably suited to the trust.     (3) Among circumstances that a trustee shall consider in investing and managing trust assets are the following which may be relevant to the trust or its beneficiaries:   (a) general economic conditions;     (b) the possible effect of inflation or deflation;     (c) the expected tax consequences of investment decisions or strategies;     (d) the role that each investment or course of action plays within the overall trust portfolio, which may include financial assets, interests in closely held enterprises, tangible and intangible personal property, and real property;     (e) the expected total return from income and the appreciation of capital;     (f) other resources of the beneficiaries;     (g) needs for liquidity, regularity of income, and preservation or appreciation of capital; and     (h) an asset's special relationship or special value, if any, to the purposes of the trust or to one or more of the beneficiaries.       (4) A trustee shall make a reasonable effort to verify facts relevant to the investment and management of trust assets.     (5) A trustee may invest in any kind of property or type of investment consistent with the standards of this chapter.    Enacted by Chapter 89, 2004 General Session
UT Code § 75-7-903 (2021)
2021 Utah Code|Title 75 - Utah Uniform Probate Code|Chapter 7 - Utah Uniform Trust Code|Part 9 - Utah Uniform Prudent Investor Act|Section 903 - Diversification.

75-7-903. Diversification.  A trustee shall diversify the investments of the trust unless the trustee reasonably determines that, because of special circumstances, the purposes of the trust are better served without diversifying.  Enacted by Chapter 89, 2004 General Session
UT Code § 75-7-904 (2021)
2021 Utah Code|Title 75 - Utah Uniform Probate Code|Chapter 7 - Utah Uniform Trust Code|Part 9 - Utah Uniform Prudent Investor Act|Section 904 - Duties at inception of trusteeship.

75-7-904. Duties at inception of trusteeship.  Within a reasonable time after accepting a trusteeship or receiving trust assets, a trustee shall review the trust assets and make and implement decisions concerning the retention and disposition of assets, in order to bring the trust portfolio into compliance with the purposes, terms, distribution requirements, and other circumstances of the trust, and with the requirements of this chapter.  Enacted by Chapter 89, 2004 General Session
UT Code § 75-7-905 (2021)
2021 Utah Code|Title 75 - Utah Uniform Probate Code|Chapter 7 - Utah Uniform Trust Code|Part 9 - Utah Uniform Prudent Investor Act|Section 905 - Reviewing compliance.

75-7-905. Reviewing compliance.  Compliance with the prudent investor rule is determined in light of the facts and circumstances existing at the time of a trustee's decision or action and not by hindsight. This section does not require a specific outcome in investing.  Enacted by Chapter 89, 2004 General Session
UT Code § 75-7-906 (2021)
2021 Utah Code|Title 75 - Utah Uniform Probate Code|Chapter 7 - Utah Uniform Trust Code|Part 9 - Utah Uniform Prudent Investor Act|Section 906 - Investment direction.

75-7-906. Investment direction.    (1) For purposes of this section, "investment direction" means a direction that is binding on the trustee, except for an investment direction given by a settlor as described in Subsection (2) to do any of the following with respect to an investment:   (a) retention;     (b) purchase;     (c) sale;     (d) exchange;     (e) tender; or     (f) any other transaction affecting ownership in the investment.       (2)   (a) During the time period that a trust is revocable, the trustee may follow any investment direction of the settlor, including an investment direction that:   (i) is manifestly contrary to the terms of the trust; or     (ii) seriously breaches a fiduciary duty to the beneficiaries.       (b) The trustee is not liable for any loss resulting from following an investment direction described in Subsection (2)(a).       (3) If the terms of a trust authorize a person to give investment direction to the trustee, the person authorized to give investment direction:   (a) is presumptively a fiduciary only with respect to an investment direction that the person gives to the trustee;     (b) is required to act in good faith with regard to:   (i) the purposes of the trust; and     (ii) the interests of the beneficiaries; and       (c) is liable for any loss that results from breach of the fiduciary duty only with respect to an investment direction that the person gives to the trustee.       (4) Except in cases of willful misconduct or gross negligence, a trustee is not liable for any loss that results from following an investment direction if:   (a) the terms of a trust authorizes a person to give the investment direction to the trustee; and     (b) the trustee acts in accordance with the investment direction given by a person described in Subsection (4)(a).       (5) If the terms of a trust require another person's approval or consent to an investment decision of the trustee:   (a) the person from whom approval or consent is required:   (i) is presumptively a fiduciary;     (ii) is required to act in good faith with regard to:   (A) the purposes of the trust; and     (B) the interests of the beneficiaries; and       (iii) is liable for any loss that results from breach of the fiduciary duty; and       (b) except in cases of willful misconduct or gross negligence, the trustee is not liable for any loss resulting from any act not taken as a result of the person's failure to respond to a request for approval or consent.      Enacted by Chapter 89, 2004 General Session
UT Code § 75-7-907 (2021)
2021 Utah Code|Title 75 - Utah Uniform Probate Code|Chapter 7 - Utah Uniform Trust Code|Part 9 - Utah Uniform Prudent Investor Act|Section 907 - Language invoking standard of chapter.

75-7-907. Language invoking standard of chapter.  The following terms or comparable language in the provisions of a trust, unless otherwise limited or modified, authorizes any investment or strategy permitted under this chapter: "investments permissible by law for investment of trust funds," "legal investments," "authorized investments," "using the judgment and care under the circumstances then prevailing that persons of prudence, discretion, and intelligence exercise in the management of their own affairs, not in regard to speculation but in regard to the permanent disposition of their funds, considering the probable income as well as the probable safety of their capital," "prudent man rule," "prudent trustee rule," "prudent person rule," and "prudent investor rule."  Enacted by Chapter 89, 2004 General Session
UT Code § 75-7-1001 (2021)
2021 Utah Code|Title 75 - Utah Uniform Probate Code|Chapter 7 - Utah Uniform Trust Code|Part 10 - Liability of Trustees and Rights of Persons Dealing with Trustee|Section 1001 - Remedies for breach of trust.

75-7-1001. Remedies for breach of trust.    (1) A violation by a trustee of a duty the trustee owes to a beneficiary is a breach of trust.     (2) To remedy a breach of trust that has occurred or may occur, the court may:   (a) compel the trustee to perform the trustee's duties;     (b) enjoin the trustee from committing a breach of trust;     (c) compel the trustee to redress a breach of trust by paying money, restoring property, or other means;     (d) order a trustee to account;     (e) appoint a special fiduciary to take possession of the trust property and administer the trust;     (f) suspend the trustee;     (g) remove the trustee as provided in Section 75-7-706;     (h) reduce or deny compensation to the trustee;     (i) subject to Section 75-7-1012, void an act of the trustee, impose a lien or a constructive trust on trust property, or trace trust property wrongfully disposed of and recover the property or its proceeds; or     (j) order any other appropriate relief.      Enacted by Chapter 89, 2004 General Session
UT Code § 75-7-1002 (2021)
2021 Utah Code|Title 75 - Utah Uniform Probate Code|Chapter 7 - Utah Uniform Trust Code|Part 10 - Liability of Trustees and Rights of Persons Dealing with Trustee|Section 1002 - Damages for breach of trust.

75-7-1002. Damages for breach of trust.    (1) A trustee who commits a breach of trust is liable to the beneficiaries affected for the greater of:   (a) the amount required to restore the value of the trust property and trust distributions to what they would have been had the breach not occurred; or     (b) the profit the trustee made by reason of the breach.       (2) Except as otherwise provided in this Subsection (2), if more than one trustee is liable to the beneficiaries for a breach of trust, a trustee is entitled to contribution from the other trustee or trustees. A trustee is not entitled to contribution if the trustee was substantially more at fault than another trustee or if the trustee committed the breach of trust in bad faith or with reckless indifference to the purposes of the trust or the interests of the beneficiaries. A trustee who received a benefit from the breach of trust is not entitled to contribution from another trustee to the extent of the benefit received.    Enacted by Chapter 89, 2004 General Session
UT Code § 75-7-1003 (2021)
2021 Utah Code|Title 75 - Utah Uniform Probate Code|Chapter 7 - Utah Uniform Trust Code|Part 10 - Liability of Trustees and Rights of Persons Dealing with Trustee|Section 1003 - Damages in absence of breach.

75-7-1003. Damages in absence of breach.    (1) A trustee is accountable to an affected beneficiary for any profit made by the trustee arising from the administration of the trust, even absent a breach of trust.     (2) Absent a breach of trust, a trustee is not liable to a beneficiary for a loss or depreciation in the value of trust property or for not having made a profit.    Enacted by Chapter 89, 2004 General Session
UT Code § 75-7-1004 (2021)
2021 Utah Code|Title 75 - Utah Uniform Probate Code|Chapter 7 - Utah Uniform Trust Code|Part 10 - Liability of Trustees and Rights of Persons Dealing with Trustee|Section 1004 - Attorney's fees and costs.

75-7-1004. Attorney's fees and costs.    (1) In a judicial proceeding involving the administration of a trust, the court may, as justice and equity may require, award costs and expenses, including reasonable attorney's fees, to any party, to be paid by another party or from the trust that is the subject of the controversy.     (2) If a trustee defends or prosecutes any proceeding in good faith, whether successful or not, the trustee is entitled to receive from the trust the necessary expenses and disbursements, including reasonable attorney's fees, incurred.    Enacted by Chapter 89, 2004 General Session
UT Code § 75-7-1005 (2021)
2021 Utah Code|Title 75 - Utah Uniform Probate Code|Chapter 7 - Utah Uniform Trust Code|Part 10 - Liability of Trustees and Rights of Persons Dealing with Trustee|Section 1005 - Limitation of action against trustee.

75-7-1005. Limitation of action against trustee.    (1) A beneficiary may not commence a proceeding against a trustee for breach of trust more than six months after the date that the beneficiary or a person who may represent and bind the beneficiary was sent a report that adequately disclosed the existence of a potential claim for breach of trust and informed the beneficiary of the time allowed for commencing a proceeding.     (2) A report adequately discloses the existence of a potential claim for breach of trust if it provides sufficient information so that the beneficiary or representative knows of the potential claim or should have inquired into its existence.     (3) If Subsection (1) does not apply, a judicial proceeding by a beneficiary against a trustee for breach of trust must be commenced within one year after the first to occur of:   (a) the removal, resignation, or death of the trustee;     (b) the termination of the beneficiary's interest in the trust; or     (c) the termination of the trust.       (4) This section does not preclude an action to recover for fraud or misrepresentation related to the report.    Enacted by Chapter 89, 2004 General Session
UT Code § 75-7-1006 (2021)
2021 Utah Code|Title 75 - Utah Uniform Probate Code|Chapter 7 - Utah Uniform Trust Code|Part 10 - Liability of Trustees and Rights of Persons Dealing with Trustee|Section 1006 - Reliance on trust instrument.

75-7-1006. Reliance on trust instrument.  A trustee who acts in reasonable reliance on the terms of the trust as expressed in the trust instrument is not liable to a beneficiary for a breach of trust to the extent the breach resulted from the reliance.  Enacted by Chapter 89, 2004 General Session
UT Code § 75-7-1007 (2021)
2021 Utah Code|Title 75 - Utah Uniform Probate Code|Chapter 7 - Utah Uniform Trust Code|Part 10 - Liability of Trustees and Rights of Persons Dealing with Trustee|Section 1007 - Event affecting administration or distribution.

75-7-1007. Event affecting administration or distribution.  If the happening of an event, including marriage, divorce, performance of educational requirements, or death, affects the administration or distribution of a trust, a trustee is not liable for a loss resulting from the trustee's lack of knowledge or lack of notice.  Enacted by Chapter 89, 2004 General Session
UT Code § 75-7-1008 (2021)
2021 Utah Code|Title 75 - Utah Uniform Probate Code|Chapter 7 - Utah Uniform Trust Code|Part 10 - Liability of Trustees and Rights of Persons Dealing with Trustee|Section 1008 - Exculpation of trustee.

75-7-1008. Exculpation of trustee.  A term of a trust relieving a trustee of liability for breach of trust is unenforceable to the extent that it:  (1) relieves the trustee of liability for breach of trust committed in bad faith or with reckless indifference to the purposes of the trust or the interests of the beneficiaries; or     (2) was inserted by the trustee or fiduciary without disclosure of its existence and contents.    Enacted by Chapter 89, 2004 General Session
UT Code § 75-7-1009 (2021)
2021 Utah Code|Title 75 - Utah Uniform Probate Code|Chapter 7 - Utah Uniform Trust Code|Part 10 - Liability of Trustees and Rights of Persons Dealing with Trustee|Section 1009 - Beneficiary's consent, release, or ratification.

75-7-1009. Beneficiary's consent, release, or ratification.  A trustee is not liable to a beneficiary for breach of trust if the beneficiary, while having capacity, consented to the conduct constituting the breach, released the trustee from liability for the breach, or ratified the transaction constituting the breach, unless at the time of the consent, release, or ratification, the beneficiary did not know of the beneficiary's rights or of the material facts relating to the breach.  Enacted by Chapter 89, 2004 General Session
UT Code § 75-7-1010 (2021)
2021 Utah Code|Title 75 - Utah Uniform Probate Code|Chapter 7 - Utah Uniform Trust Code|Part 10 - Liability of Trustees and Rights of Persons Dealing with Trustee|Section 1010 - Limitation on personal liability of trustee.

75-7-1010. Limitation on personal liability of trustee.    (1) Except as otherwise provided in the contract, a trustee is not personally liable on a contract properly entered into in the trustee's fiduciary capacity in the course of administering the trust if the trustee in the contract disclosed the fiduciary capacity.     (2) A trustee is personally liable for torts committed in the course of administering a trust, or for obligations arising from ownership or control of trust property, including liability for violation of environmental law, only if the trustee is personally at fault.     (3) A claim based on a contract entered into by a trustee in the trustee's fiduciary capacity, on an obligation arising from ownership or control of trust property, or on a tort committed in the course of administering a trust, may be asserted in a judicial proceeding against the trustee in the trustee's fiduciary capacity, whether or not the trustee is personally liable for the claim.     (4) The question of liability as between the trust estate and the trustee individually may be determined in a proceeding for accounting, surcharge, or indemnification or other appropriate proceeding.     (5) Whenever an instrument creating a trust reserves to the settlor, or vests in an advisory or investment committee, or in any other person or persons, including one or more cotrustees to the exclusion of the trustee or to the exclusion of one or more of several trustees, authority to direct the making or retention of any investment, the excluded trustee or trustees shall not be liable, either individually or as a fiduciary, for any loss resulting from the making or retention of any investment pursuant to such direction.     (6) In the absence of actual knowledge or information which would cause a reasonable trustee to inquire further, no trustee shall be liable for failure to take necessary steps to compel the redress of any breach of trust or fiduciary duty by any predecessor personal representative, trustee, or other fiduciary. The provisions of this section shall not be construed to limit the fiduciary liability of any trustee for his own acts or omissions with respect to the trust estate.    Enacted by Chapter 89, 2004 General Session
UT Code § 75-7-1011 (2021)
2021 Utah Code|Title 75 - Utah Uniform Probate Code|Chapter 7 - Utah Uniform Trust Code|Part 10 - Liability of Trustees and Rights of Persons Dealing with Trustee|Section 1011 - Interest as general partner.

 Effective 5/8/2018  75-7-1011. Interest as general partner.    (1) Except as otherwise provided in Subsection (3) or unless personal liability is imposed in the contract, a trustee who holds an interest as a general partner in a general or limited partnership is not personally liable on a contract entered into by the partnership after the trust's acquisition of the interest if the fiduciary capacity was disclosed in the contract or in a statement previously filed pursuant to Title 48, Chapter 2e, Utah Uniform Limited Partnership Act.     (2) Except as otherwise provided in Subsection (3), a trustee who holds an interest as a general partner is not personally liable for torts committed by the partnership or for obligations arising from ownership or control of the interest unless the trustee is personally at fault.     (3) The immunity provided by this section does not apply if an interest in the partnership is held by the trustee in a capacity other than that of trustee or is held by the trustee's spouse or one or more of the trustee's descendants, siblings, or parents, or the spouse of any of them.     (4) If the trustee of a revocable trust holds an interest as a general partner, the settlor is personally liable for contracts and other obligations of the partnership as if the settlor were a general partner.    Amended by Chapter 281, 2018 General Session
UT Code § 75-7-1012 (2021)
2021 Utah Code|Title 75 - Utah Uniform Probate Code|Chapter 7 - Utah Uniform Trust Code|Part 10 - Liability of Trustees and Rights of Persons Dealing with Trustee|Section 1012 - Protection of person dealing with trustee.

75-7-1012. Protection of person dealing with trustee.    (1) A person other than a beneficiary who in good faith assists a trustee, or who in good faith and for value deals with a trustee, without knowledge that the trustee is exceeding or improperly exercising the trustee's powers is protected from liability as if the trustee properly exercised the power.     (2) A person other than a beneficiary who in good faith deals with a trustee is not required to inquire into the extent of the trustee's powers or the propriety of their exercise.     (3) A person who in good faith delivers assets to a trustee need not ensure their proper application.     (4) A person other than a beneficiary who in good faith assists a former trustee, or who in good faith and for value deals with a former trustee, without knowledge that the trusteeship has terminated is protected from liability as if the former trustee were still a trustee.     (5) Comparable protective provisions of other laws relating to commercial transactions or transfer of securities by fiduciaries prevail over the protection provided by this section.    Enacted by Chapter 89, 2004 General Session