Code-Co's Internet Access to Utah Law: http://www.code-co.com
[Utah Code Table of Contents]
[TITLE 22. Table of Contents]
22-6-1 Retirement trusts exempted from rules against perpetuities, accumulations or suspension of power of alienation.
No trust heretofore or hereafter created by an employer
as part of a pension, stock bonus, disability, death benefit,
profit sharing, retirement or similar plan, primarily for
the benefit of some or all of such employers' employees,
their families, appointees or beneficiaries, to which contributions
are made by such employer or employees, or by both employer
and employees, which trust is for the purpose of distributing
to such employees or their families, beneficiaries, or appointees,
the earnings or principal, or both, shall be deemed to be
invalid by reason of any rule against perpetuities, or against
accumulations, or concerning the suspension of the power
of alienation of title to property, or any other law restricting
or limiting the duration of trusts; and such a trust may
continue in perpetuity or for such time as may be necessary
to accomplish the purposes for which it was created.
1961
22-6-2 Income permitted to accumulate.
The income arising from or earned by the property held
in such trust within the classifications mentioned, may be
permitted to accumulate in accordance with the terms of such
trust, for so long a time as may be permitted by the instrument
creating the trust, or if no time is so specified, for such
time as the trustee or trustees may deem necessary to accomplish
the purposes for which the trust was created.
1961
