2006 Utah Code - 58-9-703 — Trust agreement.

     58-9-703.   Trust agreement.
     (1) Each trust established by a provider shall be administered in accordance with a trust agreement conforming with:
     (a) the requirements of this chapter;
     (b) rules adopted with respect to this chapter;
     (c) the provisions of Title 75, Chapter 7, Trust Administration; and
     (d) all other state and federal laws applicable to trusts and trust agreements.
     (2) Each trust agreement shall require that the provider report to the division:
     (a) funds deposited into the trust in the name of the beneficiary;
     (b) the contract number; and
     (c) that the trustee shall establish a separate account within the trust for each beneficiary and contract number.
     (3) Each trust agreement shall require that the trustee:
     (a) separately account for each contract; and
     (b) separately record payments with respect to each contract made into the corpus of the trust.
     (4) Each trust agreement shall provide for distributions from the trust in accordance with the provisions of this chapter upon:
     (a) the death of the beneficiary;
     (b) revocation of the contract by the provider upon nonpayment by the buyer; or
     (c) revocation of the contract by the beneficiary or buyer.

Enacted by Chapter 49, 2003 General Session