58a-817. Distribution upon termination.
58a-817
58a-817. Distribution upontermination.(a) Upontermination or partial termination of a trust, the trustee may send to thequalified beneficiaries a proposal for distribution. The right of any qualifiedbeneficiary toobject to the proposeddistribution terminates if the qualified beneficiary does not notify thetrustee of anobjection within 30 daysafter the proposal was sent but only if the proposal informed the qualifiedbeneficiaryof the right to object andof the time allowed for objection.
(b) Upon the occurrence of an event terminating or partially terminating atrust, thetrustee shall proceed expeditiously to distribute the trust property to thepersons entitled to it, subjectto the right of the trustee to retain a reasonable reserve for the payment ofdebts, expenses, and taxes.
(c) A release, upon termination or partial termination of a trust, by abeneficiary of atrustee from liability for breach of trust is invalid to the extent:
(1) It was induced by improper conduct of the trustee; or
(2) the beneficiary, at the time of the release, did not know of thebeneficiary'srights or of the material facts relating to the breach.
History: L. 2002, ch. 133, § 74; Jan. 1, 2003.