Utah § 75B-1-309 Liability of participant in asset protection trust.

Utah Statutes

§ 75B-1-309 — Liability of participant in asset protection trust.

Utah § 75B-1-309

Title 75BTrusts

Ch. 75B-1General Provisions

Part 75B-1-3Asset Protection Trust

This text of Utah § 75B-1-309 (Liability of participant in asset protection trust.) is published on Counsel Stack Legal Research, covering Utah primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Utah Code Ann. § 75B-1-309 (2026).

Text

(1)If the settlor signs an affidavit described in Section 75B-1-306, a person, including a creditor, may not assert a cause of action or claim for relief against a trustee of the asset protection trust, or against a person that was involved in the counseling, drafting, preparation, execution, or funding of the asset protection trust, for:

(1)(a) conspiracy to engage in a voidable transfer;

(1)(b) aiding and abetting a voidable transfer;

(1)(c) participation in the trust transaction; or

(1)(d) a similar cause of action or claim for relief described in Subsections (1)(a) through (c).

(2)For purposes of Subsection (1), the counseling, drafting, preparation, execution, or funding of the trust includes the preparation and funding of a limited partnership, a limited liability company, or other

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(1) If the settlor signs an affidavit described in Section 75B-1-306, a person, including a creditor, may not assert a cause of action or claim for relief against a trustee of the asset protection trust, or against a person that was involved in the counseling, drafting, preparation, execution, or funding of the asset protection trust, for:
(1)(a) conspiracy to engage in a voidable transfer;
(1)(b) aiding and abetting a voidable transfer;
(1)(c) participation in the trust transaction; or
(1)(d) a similar cause of action or claim for relief described in Subsections (1)(a) through (c).
(2) For purposes of Subsection (1), the counseling, drafting, preparation, execution, or funding of the trust includes the preparation and funding of a limited partnership, a limited liability company, or other entity if interests in the entity are subsequently transferred to the trust.
(3) The creditor or other person prevented from asserting a cause of action or claim for relief described in Subsection (1) may only assert a cause of action against, and is limited to recourse against:
(3)(a) the trust and the trust assets; and
(3)(b) the settlor to the extent otherwise allowed under this part.