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Transcript of TITLE 4 - TRUSTS CHAPTER 1 - Uniform Fiduciaries · PDF file (xiv) "Property" means...

TITLE 4 - TRUSTS

CHAPTER 1 - Uniform Fiduciaries Act

4-1-101. Renumbered by Laws 1979, ch. 142, 3.

4-1-102. Renumbered by Laws 1979, ch. 142, 3.

4-1-103. Renumbered by Laws 1979, ch. 142, 3.

4-1-104. Renumbered by Laws 1979, ch. 142, 3.

4-1-105. Renumbered by Laws 1979, ch. 142, 3.

4-1-106. Renumbered by Laws 1979, ch. 142, 3.

4-1-107. Renumbered by Laws 1979, ch. 142, 3.

4-1-108. Renumbered by Laws 1979, ch. 142, 3.

4-1-109. Renumbered by Laws 1979, ch. 142, 3.

4-1-110. Renumbered by Laws 1979, ch. 142, 3.

4-1-111. Renumbered by Laws 1979, ch. 142, 3.

CHAPTER 2 - Uniform Act for Simplification of Fiduciary

4-2-101. Renumbered by Laws 1979, ch. 142, 3.

4-2-102. Renumbered by Laws 1979, ch. 142, 3.

4-2-103. Renumbered by Laws 1979, ch. 142, 3.

4-2-104. Renumbered by Laws 1979, ch. 142, 3.

4-2-105. Renumbered by Laws 1979, ch. 142, 3.

4-2-106. Renumbered by Laws 1979, ch. 142, 3.

4-2-107. Renumbered by Laws 1979, ch. 142, 3.

4-2-108. Renumbered by Laws 1979, ch. 142, 3.

4-2-109. Renumbered by Laws 1979, ch. 142, 3.

4-2-110. Renumbered by Laws 1979, ch. 142, 3.

4-2-111. Renumbered by Laws 1979, ch. 142, 3.

CHAPTER 3 - Investment of Funds

4-3-101. Renumbered by Laws 1979, ch. 142, 3.

4-3-102. Renumbered by Laws 1979, ch. 142, 3.

4-3-103. Renumbered by Laws 1979, ch. 142, 3.

4-3-104. Renumbered by Laws 1979, ch. 142, 3.

4-3-105. Renumbered by Laws 1979, ch. 142, 3.

CHAPTER 4 - Uniform Common Trust Fund Act

4-4-101. Renumbered by Laws 1979, ch. 142, 3.

4-4-102. Renumbered by Laws 1979, ch. 142, 3.

4-4-103. Renumbered by Laws 1979, ch. 142, 3.

CHAPTER 5 - Mortgage, Lease or Sale

4-5-101. Renumbered by laws 1979, ch. 142, 2, 3.

4-5-102. Renumbered by laws 1979, ch. 142, 2, 3.

4-5-103. Renumbered by laws 1979, ch. 142, 2, 3.

4-5-104. Renumbered by laws 1979, ch. 142, 2, 3.

CHAPTER 6 - Administration of Estates of Missing Persons

4-6-101. Renumbered by Laws 1979, ch. 142, 3.

4-6-102. Renumbered by Laws 1979, ch. 142, 3.

4-6-103. Renumbered by Laws 1979, ch. 142, 3.

4-6-104. Renumbered by Laws 1979, ch. 142, 3.

4-6-105. Renumbered by Laws 1979, ch. 142, 3.

4-6-106. Renumbered by Laws 1979, ch. 142, 3.

CHAPTER 7 - Defaulting Fiduciaries

4-7-101. Renumbered by Laws 1979, ch. 142, 3.

4-7-102. Renumbered by Laws 1979, ch. 142, 3.

4-7-103. Renumbered by Laws 1979, ch. 142, 3.

CHAPTER 8 - Uniform Trustees' Powers Act

4-8-101. Repealed By Laws 2003, Ch. 124, 3.

4-8-102. Repealed By Laws 2003, Ch. 124, 3.

4-8-103. Repealed By Laws 2003, Ch. 124, 3.

4-8-104. Repealed By Laws 2003, Ch. 124, 3.

4-8-105. Repealed By Laws 2003, Ch. 124, 3.

4-8-106. Repealed By Laws 2003, Ch. 124, 3.

4-8-107. Repealed By Laws 2003, Ch. 124, 3.

4-8-108. Repealed By Laws 2003, Ch. 124, 3.

4-8-109. Repealed By Laws 2003, Ch. 124, 3.

4-8-110. Repealed By Laws 2003, Ch. 124, 3.

4-8-111. Repealed By Laws 2003, Ch. 124, 3.

4-8-112. Repealed By Laws 2003, Ch. 124, 3.

CHAPTER 9 - UNIFORM PRUDENT INVESTOR ACT

4-9-101. Repealed By Laws 2003, Ch. 124, 3.

4-9-102. Repealed By Laws 2003, Ch. 124, 3.

4-9-103. Repealed By Laws 2003, Ch. 124, 3.

4-9-104. Repealed By Laws 2003, Ch. 124, 3.

4-9-105. Repealed By Laws 2003, Ch. 124, 3.

4-9-106. Repealed By Laws 2003, Ch. 124, 3.

4-9-107. Repealed By Laws 2003, Ch. 124, 3.

4-9-108. Repealed By Laws 2003, Ch. 124, 3.

4-9-109. Repealed By Laws 2003, Ch. 124, 3.

4-9-110. Repealed By Laws 2003, Ch. 124, 3.

4-9-111. Repealed by Laws 2003, Chapter 124, 3.

4-9-112. Repealed By Laws 2003, Ch. 124, 3.

4-9-113. Repealed By Laws 2003, Ch. 124, 3.

CHAPTER 10 - UNIFORM TRUST CODE

ARTICLE 1 - GENERAL PROVISIONS AND DEFINITIONS

4-10-101. Short title.

This act may be cited as the Uniform Trust Code.

4-10-102. Scope.

This act applies to charitable or noncharitable express trusts

and trusts created pursuant to a statute, judgment or decree

that requires the trust to be administered in the manner of an

express trust.

4-10-103. Definitions.

(a) As used in this act:

(i) "Action," with respect to an act of a trustee,

includes a failure to act;

(ii) "Beneficiary" means a person that:

(A) Has a present or future beneficial interest

in a trust, vested or contingent; or

(B) In a capacity other than that of trustee or

trust protector, holds a power of appointment over trust

property.

(iii) "Charitable trust" means a trust, or portion of

a trust, created for a charitable purpose described in W.S.

4-10-406(a);

(iv) "Conservator" for the purposes of this act means

as defined in W.S. 3-1-101(a)(iii);

(v) "Environmental law" means a federal, state, or

local law, rule, regulation, or ordinance relating to protection

of the environment;

(vi) "Excluded fiduciary" means any fiduciary

excluded from exercising certain powers under the trust

instrument or by court order which powers may be exercised by

the settlor, trust advisor, trust protector or other persons

designated by the instrument or court order;

(vii) "Fiduciary" means a trustee under a

testamentary or other trust, an executor, administrator, or

personal representative of a decedent's estate, or any other

party including a trust advisor or a trust protector, who is

acting in a fiduciary capacity for any person, trust or estate;

(viii) "Guardian" for the purposes of this act means

as defined in W.S. 3-1-101(a)(v);

(ix) "Incapacity" or "incompetency" or "incompetent

person" means as defined in W.S. 3-1-101(a)(ix) unless otherwise

defined by the terms of the trust;

(x) "Interests of the beneficiaries" means the

beneficial interests provided in the terms of the trust;

(xi) "Jurisdiction," with respect to a geographic

area, includes a state or country;

(xii) "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;

(xiii) "Power of withdrawal" means a presently

exercisable general power of appointment other than a power

exercisable by a trustee which is limited by an ascertainable

standard, or which is exercisable by another person only upon

consent of the trustee or a person holding an adverse interest;

(xiv) "Property" means anything that may be the

subject of ownership, whether real or personal, legal or

equitable, or any interest therein;

(xv) "Qualified beneficiary" means:

(A) A beneficiary who is currently entitled to

mandatory distributions of income or principal from the trust or

has a vested remainder interest in the residuary of the trust

which is not subject to divestment;

(B) If a trust has no qualified beneficiary

under subparagraph (A) of this paragraph, "qualified

beneficiary" shall mean a beneficiary having a vested remainder

interest in the residuary of the trust whose interest is subject

to divestment only as a result of the beneficiary's death;

(C) If a trust has no qualified beneficiary

under subparagraph (A) or (B) of this paragraph, "qualified

beneficiary" shall mean a beneficiary currently eligible to

receive discretionary distributions of income or principal from

the trust, who has received one (1) or more distributions during

the beneficiary's lifetime;

(D) If a trust has no qualified beneficiary

under subparagraph (A), (B) or (C) of this paragraph, "qualified

beneficiary" shall mean a beneficiary currently eligible to

receive discretionary distributions of income or principal from

the trust;

(E) The department of health is a qualified

beneficiary as the vested remainder beneficiary of trusts

established pursuant to W.S. 42-2-403(f)(i), (ii) and (iii) and

42 U.S.C. 1396p(d)(4)(A), (B) and (C).

(xvi) "Regulated financial services institution"

means a financial institution as defined in W.S. 13-1-101(a)(ix)

and any other financial services provider regulated by the state

of Wyoming or agency of the federal government;

(xvii) "Revocable," as applied to a trust, means

revocable by the settlor without the consent of the trustee or a

person holding an adverse interest;

(xviii) "Settlor" means a person, including a

testator, grantor or trust maker, who creates, transfers or

contributes property to, a trust. If more than one (1) person

creates, or transfers or contributes property to, a trust, each

person is a settlor of the portion of the trust property

attributable to that person'