reglab/statecodes huggingface dataset:
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 1 - In General › Section 2-3-115 - Requiring Further Security; Hearing; Order Therefor or New Bond.

2-3-115. Requiring further security; hearing; order therefor or new bond.
At the time appointed the court shall hear the proofs and allegations of the parties. If it satisfactorily appears that the security is insufficient, an order may be made requiring the personal representative to give further security, or to file a new bond in the usual form within a reasonable time, not less than five (5) days.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 1 - In General › Section 2-3-116 - Requiring Further Security; Failure to Comply.

2-3-116. Requiring further security; failure to comply.
If the personal representative neglects to comply with the order within the time prescribed, the court shall revoke his letters and his authority shall cease.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 1 - In General › Section 2-3-117 - Ordering Further Security Without Application.

2-3-117. Ordering further security without application.
When it comes to his knowledge that the bond of a personal representative is insufficient, the court or commissioner, without any application, shall cause him to be cited to appear and show cause why he should not give further security, and shall proceed as upon the application of any person interested.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 1 - In General › Section 2-3-118 - Relief of Sureties; Application; Citation and Service.

2-3-118. Relief of sureties; application; citation and service.
When a surety of any personal representative desires to be released from responsibility on account of future acts, he may apply to the court or commissioner for relief. Citation shall be issued to the personal representative and served personally, requiring him to appear at a time and place specified, and to give other security. If he has absconded, left or removed from the state or if he cannot be found after due diligence and inquiry, service may be made as provided in W.S. 2-3-114.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 1 - In General › Section 2-3-119 - Relief of Sureties; Release Order.

2-3-119. Relief of sureties; release order.
If new sureties are given to the satisfaction of the court or commissioner, he may order that the sureties who applied for relief shall not be liable on their bond for any subsequent act, default or misconduct of the personal representative.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 1 - In General › Section 2-3-120 - Relief of Sureties; Revocation of Letters.

2-3-120. Relief of sureties; revocation of letters.
If the personal representative neglects or refuses to give new sureties to the satisfaction of the court or commissioner, unless the surety making the application shall consent to a longer extension of time, the court or commissioner shall by order revoke his letters.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 1 - In General › Section 2-3-121 - Revoking Intestacy Administration if Will Later Allowed; Generally.

2-3-121. Revoking intestacy administration if will later allowed; generally.
If, after granting letters of administration on the ground of intestacy, a will of the decedent is duly proved and allowed, the letters of administration shall be revoked and the power of the administrator shall cease, and he shall render an account of his administration within the time directed.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 1 - In General › Section 2-3-122 - Revoking Intestacy Administration if Will Later Allowed; Authority of Personal Representative.

2-3-122. Revoking intestacy administration if will later allowed; authority of personal representative.
In such case, the personal representative with the will annexed is entitled to demand, sue for, recover and collect all the rights, goods, chattels, debts and effects of the decedent remaining unadministered. He may prosecute to final judgment any suit commenced by the administrator before the revocation of his letters of administration.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 1 - In General › Section 2-3-123 - Remaining Personal Representatives to Continue if One Disqualified.

2-3-123. Remaining personal representatives to continue if one disqualified.
If any one (1) of several personal representatives to whom letters are granted dies, becomes incompetent, is convicted of an infamous crime or otherwise becomes incapable of executing the trust, or if letters testamentary or of administration are revoked or annulled with respect to any one (1) personal representative, the remaining personal representative shall complete the execution of the will or administration.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 1 - In General › Section 2-3-124 - New Appointment to Be Made if All Personal Representatives Die; Bond; Authority.

2-3-124. New appointment to be made if all personal representatives die; bond; authority.
If all personal representatives die or become incapable, or the authority of all of them is revoked, letters testamentary or letters of administration then shall be issued in the same order of preference and manner as provided for the issuance of original letters testamentary or original letters of administration. The personal representative so appointed shall give bond in like penalty, with like sureties and conditions as required of personal representatives, and shall have like authority.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 1 - In General › Section 2-3-125 - Resignation of Personal Representative; Revocation of Letters for Delay or Other Cause and New Appointment; Liability After Discharge.

2-3-125. Resignation of personal representative; revocation of letters for delay or other cause and new appointment; liability after discharge.
Any personal representative may, by writing filed in the district court, resign his appointment at any time, having first settled his accounts and delivered up all the estate to the person appointed to receive the same. If by reason of any delays in such settlement and delivery of the estate or for any other cause the circumstances of the estate or the rights of those interested therein require it, the court may, before settlement of accounts and delivering up of the estate is completed, revoke the letters of the personal representative, and appoint another personal representative, either special or general, in the same manner as for original letters of administration. The personal representative discharged and released, and the sureties on his bonds are not responsible for any act or liability incurred after his discharge, but shall not be relieved of any liability occurring on his bonds prior to his discharge.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 1 - In General › Section 2-3-126 - Acts Valid Until Power Revoked.

2-3-126. Acts valid until power revoked.
All acts of a personal representative before the revocation of his letters testamentary or of administration are as valid as if the personal representative had continued lawfully to execute the duties of his trust.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 1 - In General › Section 2-3-127 - Suspension of Personal Representative's Powers for Waste; Order.

2-3-127. Suspension of personal representative's powers for waste; order.
Whenever the court, commissioner or clerk of court has reason to believe from his own knowledge or from credible information that any personal representative has wasted, embezzled or mismanaged, or is about to waste or embezzle the property of the estate committed to his charge, or has committed or is about to commit a fraud upon the estate, is incompetent to act, has permanently removed from the state, has wrongfully neglected the estate, or has long neglected to perform any act as personal representative, he shall by order suspend the powers of the personal representative until the matter is investigated.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 1 - In General › Section 2-3-128 - Suspension of Personal Representative's Powers for Waste; Notice to Show Cause.

2-3-128. Suspension of personal representative's powers for waste; notice to show cause.
When suspension is ordered, the personal representative shall be cited to appear and show cause why his letters should not be revoked. If he fails to appear or if upon appearance the court or officer is satisfied there exists cause for his removal, his letters shall be revoked and letters of administration granted anew as the case may require.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 1 - In General › Section 2-3-129 - Suspension of Personal Representative's Powers for Waste; Hearing and Determination.

2-3-129. Suspension of personal representative's powers for waste; hearing and determination.
At the hearing any person interested in the estate or the officer making the charge may appear and file his allegations in writing, showing that the personal representative should be removed. The personal representative may answer. The issue raised shall be heard and determined by the court.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 1 - In General › Section 2-3-130 - Suspension of Personal Representative's Powers for Waste; Notice by Publication.

2-3-130. Suspension of personal representative's powers for waste; notice by publication.
If the personal representative has absconded, conceals himself or has absented himself from the state, notice by publication may be given him of the pendency of the proceedings.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 1 - In General › Section 2-3-131 - Suspension of Personal Representative's Powers for Waste; Compelling Attendance and Answers.

2-3-131. Suspension of personal representative's powers for waste; compelling attendance and answers.
In the proceedings for the removal of a personal representative, the court may compel his attendance by attachment, and may compel him to answer questions on oath touching his administration. Upon his refusal, the court may commit him until he obeys, revoke his letters, or both.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 1 - In General › Section 2-3-132 - Petition for Revocation by Prior Claimant; Generally.

2-3-132. Petition for revocation by prior claimant; generally.
When letters of administration are granted to any person other than the surviving husband or wife, child, father, mother, brother or sister of the intestate, any one (1) of them who is competent, or any competent person at the written request of any one (1) of them, may obtain the revocation of the letters and be entitled to administration by presenting to the court a petition so praying.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 1 - In General › Section 2-3-133 - Petition for Revocation by Prior Claimant; Citation to Personal Representative.

2-3-133. Petition for revocation by prior claimant; citation to personal representative.
When such petition is filed, the clerk shall issue a citation to the personal representative to appear and answer at the time appointed for the hearing.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 1 - In General › Section 2-3-134 - Petition for Revocation by Prior Claimant; Hearing and Disposition.

2-3-134. Petition for revocation by prior claimant; hearing and disposition.
At the time appointed, the citation having been duly served and returned, the court shall proceed to hear the allegations and proofs of the parties. If the right of the applicant is established and he is competent, letters of administration shall be granted to him and the letters of the former personal representative revoked.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 1 - In General › Section 2-3-135 - Petition for Revocation by Prior Claimant; Prior Right of Surviving Spouse.

2-3-135. Petition for revocation by prior claimant; prior right of surviving spouse.
When letters of administration have been granted to a child, father, brother or sister of the intestate, the surviving spouse may assert his or her prior right and obtain letters of administration and have the letters before granted revoked.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 1 - In General › Section 2-3-136 - Hearing Upon Affidavit of Interested Person; Authority to Order.

2-3-136. Hearing upon affidavit of interested person; authority to order.
When it appears by the affidavit of any person interested in the estate that any personal representative, guardian, receiver, assignee or trustee has failed to render his accounts in the manner prescribed by law or as required by the order of the court, or has removed from the state, the court may order a hearing as hereinafter prescribed.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 1 - In General › Section 2-3-137 - Hearing Upon Affidavit of Interested Person; Citation and Service Thereof.

2-3-137. Hearing upon affidavit of interested person; citation and service thereof.
The court shall make an order fixing the time and place of the hearing. The clerk shall issue citation to be served upon the officer charged as delinquent and upon the heirs, ward, cestui que trust or bondsmen. The citation shall be served by the sheriff upon the person or persons to be served, or by registered mail if personal service cannot be made in the county. The citation shall notify the persons served of the time and place of the hearing.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 1 - In General › Section 2-3-138 - Hearing Upon Affidavit of Interested Person; Proceedings and Disposition.

2-3-138. Hearing upon affidavit of interested person; proceedings and disposition.
At the hearing the court shall proceed in a summary way to ascertain the facts and the course best calculated to protect the interests of all parties. Upon finding of default or removal from the state, the court may remove the personal representative, guardian, receiver, assignee or trustee and appoint another qualified person to administer the estate, who shall qualify according to law.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 2 - Uniform Provisions › Section 2-3-201 - Short Title.

2-3-201. Short title.
W.S. 2-3-201 through 2-3-211 may be cited as the "Uniform Fiduciaries Act".
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 2 - Uniform Provisions › Section 2-3-202 - Definitions.

2-3-202. Definitions.
(a) In this act unless the context or subject matter otherwise requires:
(i) "Bank" includes any person or association of persons, whether incorporated or not, carrying on the business of banking;
(ii) "Fiduciary" includes a trustee under any trust, expressed, implied, resulting or constructive, personal representative, guardian, conservator, curator, receiver, trustee in bankruptcy, assignee for the benefit of creditors, partner, agent, officer of a corporation, public or private, public officer or any other person acting in a fiduciary capacity for any person, trust or estate;
(iii) "Person" includes a corporation, partnership or other association or two (2) or more persons having a joint or common interest;
(iv) "Principal" includes any person to whom a fiduciary as such owes an obligation;
(v) A thing is done "in good faith" within the meaning of this act, when it is in fact done honestly, whether it be done negligently or not;
(vi) As used in the Uniform Fiduciaries Act, "this act" means W.S. 2-3-201 through 2-3-211.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 2 - Uniform Provisions › Section 2-3-203 - Responsibility and Rights of Persons Dealing With Fiduciaries.

2-3-203. Responsibility and rights of persons dealing with fiduciaries.
A person who in good faith pays or transfers to a fiduciary any money or other property which the fiduciary as such is authorized to receive is not responsible for the proper application thereof by the fiduciary; and any right or title acquired from the fiduciary in consideration of the payment or transfer is not invalid in consequence of a misapplication by the fiduciary.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 2 - Uniform Provisions › Section 2-3-204 - Liability of Bank; Payment of Checks Signed by Fiduciary.

2-3-204. Liability of bank; payment of checks signed by fiduciary.
If a deposit is made in a bank to the credit of a fiduciary as such, the bank is authorized to pay the amount of the deposit or any part thereof upon the check of the fiduciary, signed with the name in which such deposit is entered, without being liable to the principal, unless the bank pays the check with actual knowledge that the fiduciary is committing a breach of his obligation as fiduciary in drawing the check or with knowledge that its action in paying the check amounts to bad faith. If a check is payable to the drawee bank and is delivered to it in payment of or as security for a personal debt of the fiduciary to it, the bank is liable to the principal if the fiduciary in fact commits a breach of his obligation as fiduciary in drawing or delivering the check.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 2 - Uniform Provisions › Section 2-3-205 - Liability of Bank; When Check Drawn on Principal by Fiduciary.

2-3-205. Liability of bank; when check drawn on principal by fiduciary.
If a check is drawn upon the account of his principal in a bank by a fiduciary who is empowered to draw checks upon his principal's account, the bank is authorized to pay the check without being liable to the principal, unless the bank pays the check with actual knowledge that the fiduciary is committing a breach of his obligation as fiduciary in drawing the check, or with knowledge that its action in paying the check amounts to bad faith. If a check is payable to the drawee bank and is delivered to it in payment of or as security for a personal debt of the fiduciary to it, the bank is liable to the principal if the fiduciary in fact commits a breach of his obligation as fiduciary in drawing or delivering the check.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 2 - Uniform Provisions › Section 2-3-206 - Liability of Bank; Receiving Deposit From Fiduciary.

2-3-206. Liability of bank; receiving deposit from fiduciary.
If a fiduciary makes a deposit in a bank to his personal credit of checks drawn by him upon an account in his own name as fiduciary, or of checks payable to him as fiduciary, or of checks drawn by him upon an account in the name of his principal if he is empowered to draw checks thereon, or of checks payable to his principal and endorsed by him, if he is empowered to endorse the checks, or if he otherwise makes a deposit of funds held by him as fiduciary, the bank receiving the deposit is not bound to inquire whether the fiduciary is committing thereby a breach of his obligation as fiduciary; and the bank is authorized to pay the amount of the deposit or any part thereof upon the personal check of the fiduciary without being liable to the principal, unless the bank receives the deposit or pays the check with actual knowledge that the fiduciary is committing a breach of his obligation as fiduciary in making the deposit or in drawing the check, or with knowledge that its action in receiving the deposit or paying the check amounts to bad faith.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 2 - Uniform Provisions › Section 2-3-207 - Liability of Bank; When Check Drawn by Trustee.

2-3-207. Liability of bank; when check drawn by trustee.
When a deposit is made in a bank in the name of two (2) or more persons as trustees and a check is drawn upon the trust account by any trustee or trustees authorized by the other trustee or trustees to draw checks upon the trust account, neither the payee nor other holder nor the bank is bound to inquire whether it is a breach of trust to authorize the trustee or trustees to draw checks upon the trust account, and is not liable unless the circumstances are such that the action of the payee or other holder or the bank amounts to bad faith.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 2 - Uniform Provisions › Section 2-3-208 - Succession of Fiduciary Powers When Bank Consolidates With Another.

2-3-208. Succession of fiduciary powers when bank consolidates with another.
In the event of the merger or the consolidation of any bank, banking association, loan and trust company, named as personal representative, trustee under trust agreement, guardian of minors or incompetents, trustee for bond issue, escrow agent, holder of real estate titles, receiver or agent, the successor of the bank, banking association, or loan and trust company, shall by virtue of the merger, consolidation or succession, succeed to all the fiduciary powers, privileges, benefits, obligations, duties and liabilities of its predecessor, and shall carry out all the duties and obligations imposed upon its predecessor as the personal representative, trustee under trust agreement, guardian of minors or incompetents, trustee for bond issue, escrow agent, holder of real estate titles, receiver or agent, as if it had been originally named in the instrument or instruments creating the fiduciary relation.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 2 - Uniform Provisions › Section 2-3-209 - Applicability; Generally.

2-3-209. Applicability; generally.
The provisions of this act shall not apply to transactions taking place prior to the time when it takes effect.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 2 - Uniform Provisions › Section 2-3-210 - Applicability; Rules of Law and Equity.

2-3-210. Applicability; rules of law and equity.
In any case not provided for in this act, the rules of law and equity, including the law merchant and those rules of law and equity relating to trusts, agency, negotiable instruments and banking, shall continue to apply.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 2 - Uniform Provisions › Section 2-3-211 - Interpretation and Construction.

2-3-211. Interpretation and construction.
This act shall be so interpreted and construed as to effectuate its general purpose to make uniform the law of those states which enact it.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 3 - Handling of Property and Investments › Section 2-3-301 - Standard for Fiduciaries; Authority to Acquire and Retain Property and Investments.

2-3-301. Standard for fiduciaries; authority to acquire and retain property and investments.
(a) In acquiring, investing, reinvesting, exchanging, retaining, selling and managing property for the benefit of another, a fiduciary shall exercise the judgment and care of a prudent investor as specified under W.S. 4-10-901 through 4-10-913.
(b) Within the limitations of the foregoing standard, a fiduciary may:
(i) Acquire and retain every kind of property, real, personal or mixed, and every kind of investment, specifically including bonds, debentures and other corporate obligations, and stocks, preferred or common, which persons of prudence, discretion and intelligence acquire or retain for their own account;
(ii) Retain property properly acquired, without limitation as to time and without regard to its suitability for original purchase.
(c) Any bank as defined by W.S. 13-1-101 or any trust company formed under W.S. 13-5-102, that is acting as a fiduciary or agent may, in its discretion or at the direction of another person who is authorized to direct the investment of money held by the bank or trust company, invest in the securities of an open end or closed end management investment company or investment trust that is registered under the federal Investment Company Act of 1940, as amended. The bank or trust company, or any affiliate thereof, may provide services to the investment trust or investment company, including acting as an investment advisor, manager, sponsor, distributor, custodian, transfer agent or registrar, and may receive reasonable compensation for the services. Provided, however, that with respect to any funds invested, the bank or trust company or its affiliate shall disclose to the persons to whom statements of the account are rendered consistent with the requirements of W.S. 4-10-802(f).
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 3 - Handling of Property and Investments › Section 2-3-302 - Departures From Express Terms of Wills Not Authorized; "Legal Investment" or "Authorized Investment" Construed.

2-3-302. Departures from express terms of wills not authorized; "legal investment" or "authorized investment" construed.
Nothing contained in W.S. 2-3-301 through 2-3-305 shall be construed as authorizing any departure from, or variation of, the express terms or limitations set forth in any will, agreement, court order or other instrument creating or defining the fiduciary's duties and powers, but the terms "legal investment" or "authorized investment" or words of similar import, as used in any instrument, shall be taken to mean any investment which is permitted by the terms of W.S. 2-3-301.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 3 - Handling of Property and Investments › Section 2-3-303 - Authority of Court to Allow Deviation From Terms.

2-3-303. Authority of court to allow deviation from terms.
Nothing contained in this act shall be construed as restricting the power of a court of proper jurisdiction to permit a fiduciary to deviate from the terms of any will, agreement or other instrument relating to the acquisition, investment, reinvestment, exchange, retention, sale or management of fiduciary property.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 3 - Handling of Property and Investments › Section 2-3-304 - Applicability; Generally.

2-3-304. Applicability; generally.
The provisions of this act shall govern fiduciaries acting under wills, agreements, court orders and other instruments now existing or hereafter made.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 3 - Handling of Property and Investments › Section 2-3-305 - Applicability; State Funds Excepted.

2-3-305. Applicability; state funds excepted.
Nothing contained in this act shall apply to any funds belonging to the state of Wyoming.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 4 - Trust Funds › Section 2-3-401 - Short Title.

2-3-401. Short title.
W.S. 2-3-401 through 2-3-403 may be cited as the "Uniform Common Trust Fund Act".
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 4 - Trust Funds › Section 2-3-402 - Authority to Establish; Purpose.

2-3-402. Authority to establish; purpose.
(a) Any bank or trust company qualified to act as fiduciary in this state may establish and administer common trust funds composed of property permitted by law for investment in trust funds for the purpose of furnishing investments to:
(i) Itself as fiduciary;
(ii) Itself and others as cofiduciaries;
(iii) Any affiliated bank or trust company including any foreign affiliated bank or trust company as fiduciary;
(iv) Any affiliated bank or trust company including any foreign affiliated bank or trust company and others as cofiduciaries; or
(v) Any combination of the entities listed in paragraphs (i) through (iv) of this subsection.
(b) Any bank or trust company may as fiduciary or cofiduciary invest funds which it lawfully holds for investment in interests in common trust funds administered by itself or by any affiliated bank or trust company, if such investment is not prohibited by the instrument, judgment, decree, order, or statute creating or governing the fiduciary relationship, and if, in the case of a cofiduciary, the bank or trust company procures the consent of its cofiduciary in such investment.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 4 - Trust Funds › Section 2-3-403 - Accounting.

2-3-403. Accounting.
Unless ordered by a court of competent jurisdiction, the bank or trust company operating common trust funds is not required to render a court accounting with regard to these funds, but it may by application to the court secure approval of an accounting on such conditions as the court may establish.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 4 - Trust Funds › Section 2-3-404 - Common Trust Fund Distinct From Participating Fiduciaries.

2-3-404. Common trust fund distinct from participating fiduciaries.
(a) Each common trust fund established hereunder is a separate and distinct entity from the fiduciaries participating in the fund. No fiduciary in administering its and other fiduciaries participation in a common trust fund may be required to make any apportionment or allocation between the principal and income of the fund between the participating fiduciaries different from that made for the common trust fund.
(b) No fiduciary participating in a common trust fund, or person having an interest in property invested in the common trust fund, may have or be considered to have any ownership in any particular property of the common trust fund. Each participating fiduciary shall have a proportionate undivided interest in the fund and its income. The ownership of all property of the common trust fund shall be in the trustee of the fund.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 4 - Trust Funds › Section 2-3-405 - "Affiliated" Defined.

2-3-405. "Affiliated" defined.
For purposes of this article, two (2) or more banks or trust companies are affiliated if they are members of the same affiliated group, within the meaning of section 1504 of the United States Internal Revenue Code.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 5 - Mortgage, Lease or Sale › Section 2-3-501 - Authorization by Court; Generally.

2-3-501. Authorization by court; generally.
Whenever in any estate or guardianship now being administered or that may hereafter be administered, it appears to the court to be for the advantage of the estate or ward to raise money upon a note or notes secured by a mortgage of the real or personal property of any decedent or ward or to make a lease of such real property, or it appears to the court that the homestead of a minor or incompetent is mortgaged and the mortgage thereon is subject to foreclosure, and the guardian does not have sufficient money in the estate of the person to pay the mortgage, the court may as often as occasion therefor shall arise in the administration of the estate or guardianship, on petition, notice and hearing as provided in this article, authorize and direct the executor, administrator or guardian to mortgage the personal or real property, including release and waiver of homestead of the ward, and to execute a note or notes secured by the mortgage, or to lease the real estate, or any part thereof.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 5 - Mortgage, Lease or Sale › Section 2-3-502 - Authorization by Court; Contents of Petition; Hearing; Objections; Terms, etc., of Order.

2-3-502. Authorization by court; contents of petition; hearing; objections; terms, etc., of order.
(a) A petition to mortgage or lease under W.S. 2-3-501, or a petition to transfer, sell or assign royalty, overriding royalty, leasehold or other mineral interest, or to lease the mineral interest in the property under W.S. 2-3-503, shall show:
(i) The advantage that may accrue to the estate from the lease, mortgage, transfer, sale or assignment;
(ii) A general description of the property to be leased, mortgaged, sold or assigned;
(iii) The term, rental and general conditions of the proposed lease, transfer, sale or assignment, or the amount, maturity and rate of interest of the proposed mortgage;
(iv) The names of the legatees and devisees, if any, and of the heirs of the deceased, or of the minor or incompetent person, lessee, assignee or purchaser, so far as known to the petitioner.
(b) Upon the filing of the petition, the court, if it deems the petition sufficient, shall set the matter for hearing and shall direct to what persons and in what manner notice of the hearing shall be given. At the hearing any person interested in the estate may appear and present objections to the proposed lease, mortgage, sale or assignment. If objections are filed to the petition, the court may adjourn the hearing to enable the parties objecting to fully present their reasons and evidence for and against the proposed lease, mortgage, sale or assignment. If no objections are filed, or if upon hearing the objections are deemed insufficient, the court may order the lease, mortgage, transfer, sale or assignment of royalty, overriding royalty, lease or other mineral interest, or lease of the mineral interest in the property, upon the terms, in the amount and for the period as is deemed proper by the court.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 5 - Mortgage, Lease or Sale › Section 2-3-503 - Authorization by Court; Transfer of Mineral Interests; Terms.

2-3-503. Authorization by court; transfer of mineral interests; terms.
Proceedings may be had in the district court of each Wyoming county in which an estate in probate is being administered or a guardianship proceeding is pending, which involves real property, for authority to transfer, sell or assign royalty, overriding royalty, leasehold or other mineral interest and to lease the mineral content ownership interest in the property of any then deceased person or of any then minor or incompetent person, as distinguished from realty surface leases referred to in W.S. 2-3-501. If it appears to the court that the transfer, sale or assignment of royalty, overriding royalty, leasehold or other mineral interest or execution and delivery of a lease or contract for exploration and development of the affected real property mineral interest of the decedent, minor or incompetent person, will be advantageous to the estate of the decedent, minor or incompetent person the court, may authorize and direct the trustee, executor or administrator of the probate estate or the guardian of the estate of the minor or incompetent person, to transfer, sell or assign the royalty, overriding royalty, leasehold or other mineral interest or to lease the real estate interest or any part thereof for the mineral content purposes stated. Leases may be for primary terms of five (5) years or less as mutually agreed by the parties thereto and for so long thereafter as the mineral content, including but not restricted to oil, gas or other hydrocarbons, shall or can be produced in commercial quantities from the leasehold premises, or for the term of each unit or cooperative agreement to which the lease may be committed with the consent and approval of the court. The lease is not invalid or voidable because its effectiveness may or will extend beyond the term in office of the lessor, trustee, executor, administrator or guardian, or beyond the time of final settlement of the probate estate, or beyond the minority of the minor or the period of incompetency of the incompetent involved. With the consent and approval of the court any royalty, overriding royalty or other mineral interest or a lease may be committed to a unit or cooperative agreement, or to a secondary recovery agreement, for a like term and with like effect.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 5 - Mortgage, Lease or Sale › Section 2-3-504 - Authorization by Court; Transfer of Mineral Interests; Prior Leases Validated.

2-3-504. Authorization by court; transfer of mineral interests; prior leases validated.
All proceedings of the type herein authorized, which have been heretofore concluded in any court aforesaid, substantially consistent with the procedure herein authorized, and all unexpired leases of the kind specified, previously executed and delivered pursuant to each prior proceeding, substantially in conformity with the provisions hereof, are hereby declared valid, as effectively as if this act had been in force upon the date of each prior proceeding and lease.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 8 - Principal and Income › Section 2-3-802 - Definitions.

2-3-802. Definitions.
(a) As used in this act:
(i) "Accounting period" means a calendar year unless another twelve-month period is selected by a fiduciary. The term includes a portion of a calendar year or other twelve-month period that begins when an income interest begins or ends when an income interest ends;
(ii) "Beneficiary" includes, in the case of a decedent's estate, an heir, legatee and devisee and, in the case of a trust, an income beneficiary and a remainder beneficiary;
(iii) "Fiduciary" means a personal representative or a trustee. The term includes an executor, administrator, successor personal representative, special administrator and a person performing substantially the same function;
(iv) "Income" means money or property that a fiduciary receives as current return from a principal asset. The term includes a portion of receipts from a sale, exchange or liquidation of a principal asset, to the extent provided in W.S. 2-3-811 through 2-3-825;
(v) "Income beneficiary" means a person to whom net income of a trust is or may be payable;
(vi) "Income interest" means the right of an income beneficiary to receive all or part of net income, whether the terms of the trust require it to be distributed or authorize it to be distributed in the trustee's discretion;
(vii) "Mandatory income interest" means the right of an income beneficiary to receive net income that the terms of the trust require the fiduciary to distribute;
(viii) "Net income" means the total receipts allocated to income during an accounting period minus the disbursements made from income during the period, plus or minus transfers under this act to or from income during the period;
(ix) "Person" means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture; government, governmental subdivision, agency or instrumentality; public corporation; or any other legal or commercial entity;
(x) "Principal" means property held in trust for distribution to a remainder beneficiary when the trust terminates;
(xi) "Remainder beneficiary" means a person entitled to receive principal when an income interest ends;
(xii) "Terms of a trust" means the manifestation of the intent of a settlor or decedent with respect to the trust, expressed in a manner that admits of its proof in a judicial proceeding, whether by written or spoken words or by conduct;
(xiii) "Trustee" includes an original, additional or successor trustee, whether or not appointed or confirmed by a court;
(xiv) "This act" means W.S. 2-3-801 through 2-3-834.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 8 - Principal and Income › Section 2-3-803 - Fiduciary Duties; General Principles.

2-3-803. Fiduciary duties; general principles.
(a) In allocating receipts and disbursements to or between principal and income, and with respect to any matter within the scope of W.S. 2-3-806 through 2-3-810, a fiduciary:
(i) Shall administer a trust or estate in accordance with the terms of the trust or the will, even if there is a different provision in this act;
(ii) May administer a trust or estate by the exercise of a discretionary power of administration given to the fiduciary by the terms of the trust or the will, even if the exercise of the power produces a result different from a result required or permitted by this act, and no inference that the fiduciary has improperly exercised the discretion arises from the fact that the fiduciary has made an allocation contrary to a provision of this act;
(iii) Shall administer a trust or estate in accordance with this act if the terms of the trust or the will do not contain a different provision or do not give the fiduciary a discretionary power of administration; and
(iv) Shall add a receipt or charge a disbursement to principal to the extent that the terms of the trust and this act do not provide a rule for allocating the receipt or disbursement to or between principal and income.
(b) In exercising the power to adjust under W.S. 2-3-804(a) or a discretionary power of administration regarding a matter within the scope of this act, whether granted by the terms of a trust, a will, or this act, a fiduciary shall administer a trust or estate impartially, based on what is fair and reasonable to all of the beneficiaries, except to the extent that the terms of the trust or the will clearly manifest an intention that the fiduciary shall or may favor one (1) or more of the beneficiaries. A determination in accordance with this act is presumed to be fair and reasonable to all of the beneficiaries.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 8 - Principal and Income › Section 2-3-807 - Distribution to Residuary and Remainder Beneficiaries.

2-3-807. Distribution to residuary and remainder beneficiaries.
(a) Each beneficiary described in W.S. 2-3-806(a)(iv) is entitled to receive a portion of the net income equal to the beneficiary's fractional interest in undistributed principal assets, using values as of the distribution date. If a fiduciary makes more than one (1) distribution of assets to beneficiaries to whom this section applies, each beneficiary, including one who does not receive part of the distribution, is entitled, as of each distribution date, to the net income the fiduciary has received after the date of death or terminating event or earlier distribution date but has not distributed as of the current distribution date.
(b) In determining a beneficiary's share of net income, the following rules apply:
(i) The beneficiary is entitled to receive a portion of the net income equal to the beneficiary's fractional interest in the undistributed principal assets immediately before the distribution date, including assets that later may be sold to meet principal obligations;
(ii) The beneficiary's fractional interest in the undistributed principal assets must be calculated without regard to property specifically given to a beneficiary and property required to pay pecuniary amounts not in trust;
(iii) The beneficiary's fractional interest in the undistributed principal assets must be calculated on the basis of the aggregate value of those assets as of the distribution date without reducing the value by any unpaid principal obligation; and
(iv) The distribution date for purposes of this section may be the date as of which the fiduciary calculates the value of the assets if that date is reasonably near the date on which assets are actually distributed.
(c) If a fiduciary does not distribute all of the collected but undistributed net income to each person as of a distribution date, the fiduciary shall maintain appropriate records showing the interest of each beneficiary in that net income.
(d) A fiduciary may apply the rules in this section, to the extent that the fiduciary considers it appropriate, to net gain or loss realized after the date of death or terminating event or earlier distribution date from the disposition of a principal asset if this section applies to the income from the asset.
2023 Wyoming Statutes › Title 2 - Wills, Decedents' Estates and Probate Code › Chapter 3 - Fiduciaries › Article 8 - Principal and Income › Section 2-3-808 - When Right to Income Begins and Ends.

2-3-808. When right to income begins and ends.
(a) An income beneficiary is entitled to net income from the date on which the income interest begins. An income interest begins on the date specified in the terms of the trust or, if no date is specified, on the date an asset becomes subject to a trust or successive income interest.
(b) An asset becomes subject to a trust:
(i) On the date it is transferred to the trust in the case of an asset that is transferred to a trust during the transferor's life;
(ii) On the date of a testator's death in the case of an asset that becomes subject to a trust by reason of a will, even if there is an intervening period of administration of the testator's estate; or
(iii) On the date of an individual's death in the case of an asset that is transferred to a fiduciary by a third party because of the individual's death.
(c) An asset becomes subject to a successive income interest on the day after the preceding income interest ends, as determined under subsection (d) of this section, even if there is an intervening period of administration to wind up the preceding income interest.
(d) An income interest ends on the day before an income beneficiary dies or another terminating event occurs, or on the last day of a period during which there is no beneficiary to whom a trustee may distribute income.