MS SB2403

Creates the Mississippi Uniform Trust Code effective July 1, 2010, establishing comprehensive rules governing the creation, administration, modification, and termination of express trusts in Mississippi.

Defines trustee duties including acting in good faith, maintaining loyalty to beneficiaries, exercising impartiality, prudent administration, protecting trust property, keeping records, and providing information to qualified beneficiaries.

Allows modification or termination of noncharitable irrevocable trusts with consent of the settlor and all beneficiaries, and permits termination of uneconomic trusts with property value less than $50,000 if continuation is unjustified by administrative costs.

Specifies trustee powers including investment and management of trust property, borrowing and lending, operating businesses, making distributions, collecting property, and delegating duties to agents while maintaining fiduciary responsibility.

Establishes remedies for breach of trust, limits on trustee personal liability, protection for third parties dealing with trustees in good faith, and statutes of limitation of one to three years for beneficiaries to commence legal proceedings; repeals prior uniform trustee powers law.