MS SB2727

Creates the Mississippi Uniform Trust Code as Title 91, Chapter 8, establishing comprehensive rules for creation, administration, modification, and termination of trusts in Mississippi.

Defines trust-related terms, trustee duties (including loyalty, impartiality, prudence), powers, and beneficiary rights, while allowing trust terms to override most statutory provisions except those covering trust creation requirements, trustee good faith obligations, and spendthrift protections.

Establishes jurisdiction and venue in chancery courts, procedures for judicial accountings, and representation rules for beneficiaries; permits nonjudicial settlement agreements on trust matters.

Provides liability protections for trustees acting in good faith, limits actions against trustees to 1 year after receiving adequate reports or 3 years after trustee removal/death, and allows trust advisors and trust protectors with specified powers and fiduciary duties.

Repeals prior trust law provisions (Sections 91-9-1 through 91-9-305) and takes effect July 1, 2014, applying to all trusts created before, on, or after that date.