§ 4-10-1103 — Application to existing relationships

Wyoming § 4-10-1103

• Jurisdiction: Wyoming
• Title 04: Fiduciaries
• Ch. 10: UNIFORM TRUST CODE
• Art. 11: MISCELLANEOUS PROVISIONS

Text

(a) Except as otherwise provided in this act and
subsections (c) through (e) of this section, on July 1, 2003:
(i) This act, applies to all trusts created on or
after July 1, 2003;
(ii) This act applies to all judicial proceedings
concerning trusts created on or after July 1, 2003, and to all
judicial proceedings concerning trusts created before July 1,
2003 that have elected to be governed by this act as provided in
subsection (c) of this section;
(iii) Any rule of administration, construction or
presumption provided in this act shall not apply to trust
instruments executed before July 1, 2003, unless subsection (c),
(d) or (e) of this section is applicable;
(iv) An action taken before July 1, 2003, is not
affected by this act and any review of actions taken before July
1, 2003 by a trustee or other person shall be reviewed under the
law and standards applicable at the time the action was taken
unless subsection (c), (d) or (e) of this section is applicable.
(b) If a right is acquired, extinguished or barred upon
the expiration of a prescribed period that has commenced to run
under any other statute before July 1, 2003, that statute
continues to apply to the right even if it has been repealed or
superseded.
(c) This act applies to a trust created before July 1,
2003 if the settlor, if living, and all qualified beneficiaries
consent to the application. If the settlor is not living, this
act may apply to a trust created before July 1, 2003 if all
qualified beneficiaries and the trustee consent to the
application. If all of the qualified beneficiaries do not
consent to a proposed application of this act to the trust, the
court may apply this act to the trust after determining that the
interests of the nonconsenting qualified beneficiary will be
adequately protected.
(d) The provisions of the prior Uniform Trustees Powers
Act and Uniform Prudent Investor Act that have been incorporated
into this act as W.S. 4-10-816 and 4-10-901 through 4-10-913,
respectively, shall apply to any trust created prior to April 1,
2003, unless the trust instrument states otherwise.
(e) This act shall apply to a trust created before July 1,
2003 if the principal place of administration of the trust is
changed from a jurisdiction other than Wyoming to Wyoming on or
after July 1, 2003 or if on or after July 1, 2003, a person
whose principal place of business is located in, or who is a
resident of, Wyoming becomes a trustee of the trust or a trustee
moves the trustee's principal place of business to, or becomes a
resident of, Wyoming.