Uniform Trusts Act

The Uniform Trusts Act governs the conduct and liability of trustees in administering a trust, setting out the duties they owe to beneficiaries and the limits on their dealings with trust property. It bars self-dealing — trustee loans of trust funds, purchases or sales between the trustee and the trust, and a corporate trustee's handling of its own stock or deposits of trust funds with itself — subject to narrow exceptions, and it restricts a trustee's power to distribute trust property for their own benefit. The act also allocates liability on contracts and torts arising out of trust administration, distinguishing when a creditor may reach trust property from when the trustee is personally answerable, and provides for exoneration or reimbursement of the trustee, the effect of beneficiary consent or release, the exercise of powers by multiple trustees, and the court's power to relieve a trustee of duties.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.