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The UTC also covers a trust created for the purpose of caring for an animal that was alive at the time of a grantor's death [100] or a trust for a non-charitable purpose but does not have an ascertainable beneficiary (such as a cemetery trust.) [101] The Code imposes several limits on such trusts.
The final text of the Uniform Trust Code (UTC) was approved by the ULC commissioners in August 2000. The American Bar Association's House of Delegates officially endorsed the UTC in February 2001. The following months saw the finalization of detailed interpretive comments in April 2001 and minor clean-up revisions in August 2001. [ 2 ]
Trust funds are earmarked for specific programs and purposes in accordance with a statute that designates the fund as a trust. Its statutory designation distinguishes the fund as a trust rather than a special fund. The Highway Trust Fund is an example of trust funds. [51]
The intermediate subdivisions between title and section are helpful for reading the Code (since Congress uses them to group together related sections), but they are not needed to cite a section in the Code. To cite any particular section, it is enough to know its title and section numbers. [2] According to one legal style manual, [30] a sample ...
The FASB expected the system to reduce the amount of time and effort required to research accounting issues, mitigate the risk of noncompliance with standards through improved usability of the literature, provide accurate information with real-time updates as new standards are released, and assist the FASB with the research efforts required ...
In 1986, U.S. Trust was ranked behind trust competitors in assets under management and trust income. [1] In 1987 it dropped the account minimum from $1–2 million in liquid assets to $250,000. [ 5 ] U.S. Trust expanded its geographic presence throughout the 1990s by opening new offices and acquiring others across the continental United States.
In information system and information technology, trust management is an abstract system that processes symbolic representations of social trust, usually to aid automated decision-making process. Such representations, e.g. in a form of cryptographic credentials, can link the abstract system of trust management with results of trust assessment.
In a discretionary trust, however, the trustee has discretion over his actions, although he is obliged to use it. Alastair Hudson gives the example of a trust "that [the trustee] shall divide the £1,000 between any of my sons who become unemployed, with the power to retain the whole of that £1,000 for the remainder beneficiary". This is a ...