uniform trust code - Kansas Judicial Branch

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1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 creating a custodianship or custodial trust, attorney-in-fact, custodial trustee or other person with legal authority to receive such funds for the benefit of the beneficiary; (C) if the trustee does not know of a [conservator], [guardian], custodian, or custodial trustee, paying it to an adult relative or other person having legal or physical care or custody of the beneficiary, to be expended on the beneficiary’s behalf; or (D) managing it as a separate fund on the beneficiary’s behalf, subject to the beneficiary’s continuing right to withdraw the distribution; (22) on distribution of trust property or the division or termination of a trust, make distributions in divided or undivided interests, allocate particular assets in proportionate or disproportionate shares, value the trust property for those purposes, and adjust for resulting differences in valuation; (23) resolve a dispute concerning the interpretation of the trust or its administration by mediation, arbitration, or other procedure for alternative dispute resolution; (24) prosecute or defend an action, claim, or judicial proceeding in any jurisdiction to protect trust property and the trustee in the performance of the trustee’s duties; (25) sign and deliver contracts and other instruments that are useful to achieve or facilitate the exercise of the trustee’s powers; and (26) on termination of the trust, exercise the powers appropriate to wind up the administration of the trust and distribute the trust property to the persons entitled to it. Kansas Comment Paragraph (1) is codified in K.S.A. 58-1203(c)(1) and (2), except power to decline additions to trust property is new. Paragraphs (2) and (3) are codified in K.S.A. 58-1203(c)(7). 165
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 Paragraph (4) is codified in K.S.A. 58-1203(c)(6) and K.S.A. 58-1203(c)(27). Paragraph (5) is codified in K.S.A. 58-1203(c)(7) and (18). Paragraph (6) is codified in K.S.A. 58-1203(c)(3) and (15). Subparagraph (7)(A) is codified in K.S.A. 58-1203(c)(13), except language regarding the power of substitution and voting trust agreement is new. Subparagraph (7)(B) is codified in K.S.A. 58-1203(c)(16), except Kansas provision specifically subjects trustee to liability for any act of the nominee. Subparagraph (7)(C) is codified in K.S.A. 58-1203(c)(14) and (15). Subparagraph (7)(D) is new. Paragraph (8) is codified in K.S.A. 58-1203(c)(8) and (9), although U.T.C. adds specific power to construct and make improvements. U.T.C. also does not include power in K.S.A. 58- 1203(c)(9) "to adjust differences in valuation on exchange or partition by giving or receiving consideration." Additionally, K.S.A. 58-1203(c)(9) specifically allows trustee to dedicate easements to public use without consideration. Finally, the U.T.C. adds the power to grant private easements. Paragraph (9) is codified in K.S.A. 58-1203(c)(10) and (11), except K.S.A. 58-1203(c)(11) also authorizes trustee to enter into a pooling or unitization agreement. Paragraph (10) is codified in K.S.A. 58-1203(c)(12), except U.T.C. adds that the option may be exercisable beyond the term of the trust. Paragraph (11) is codified in K.S.A. 58-1203(c)(17), except U.T.C. adds power to insure trustee’s agents and beneficiaries. Paragraph (12) is codified in K.S.A. 58-1203(c)(1) and (7). Paragraph (13) is new. Paragraph (14) is codified in K.S.A. 58-1203(c)(19), except Kansas provision specifically allows a trustee to release a claim to the extent it is uncollectible. Paragraph (15) is codified in K.S.A. 58-1203(c)(20) and (24), except K.S.A. 58-1203(c)(24) specifically gives power to employ persons, even if they are associated with the trustee. Paragraph (16) is new. Paragraph (17) is new. 166
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UNIFORM TRUST CODE Drafted by the N
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ARTICLE 1 GENERAL PROVISIONS AND DE
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SECTION 812. COLLECTING TRUST PROPE
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