2013 - 2014 LEGISLATURE
November 4, 2013 - Introduced by Senators Farrow and Risser, cosponsored by
Representative Sanfelippo. Referred to Committee on Judiciary and Labor.
SB384,4,13 1An Act to repeal 46.27 (7g) (a) 5. b., 49.45 (4m) (a) 3. b., 49.45 (4m) (a) 3. d., 49.45
2(4m) (a) 3. e., 49.453 (4c) (c), 49.496 (1) (cm) 2., 49.4962, 49.682 (1) (e) 2., 49.848,
349.849 (1) (d) 2., 59.43 (1) (w), 701.01, 701.02, 701.03, 701.04, 701.05, 701.06
4(title), (1), (2), (3) and (6) (title) and (a), 701.065 (5), 701.07, 701.09 (3), (4) and
5(5), 701.10, 701.105 (4), 701.11, 701.115, 701.12, 701.13, 701.14 (title) and (1),
6701.14 (4), 701.15, 701.16 (title), (1), (2), (3), (4) (title) and (a) to (c), (5) and (6),
7701.17, 701.18, 701.19, 701.20 (title), 701.20 (2) (intro.), 701.20 (2) (i), 701.20
8(2) (L), (m) and (n), 701.20 (4c) (b) 3. a., b. and c., 701.20 (4g) (a) 1. c., 701.20 (18)
9(a), 701.20 (21) (title), 701.20 (29) (c) 2. b., 701.20 (29) (d), 701.20 (31), 701.22
10(title), 701.23, 701.24 (3), 701.26, 702.01 (6) and 881.05; to renumber 46.27 (7g)
11(a) 5. a., 49.496 (1) (cm) 1., 49.682 (1) (e) 1., 49.849 (1) (d) 1., 445.125 (4), 701.06
12(6) (d), 701.09 (title), (1) and (2), 701.20 (2) (a), 701.20 (2) (c), 701.20 (2) (e),
13701.20 (2) (f), 701.20 (2) (g), 701.20 (2) (j), 701.20 (4c) (title), 701.20 (4c) (b) 1.,
14701.20 (4c) (b) 2., 701.20 (4g) (title), 701.20 (4g) (a) 1. a., 701.20 (4g) (a) 1. e.,

1701.20 (4g) (a) 2. b., 701.20 (4m) (title), 701.20 (4m) (b), 701.20 (4m) (d), 701.20
2(18) (title), 701.20 (29) (title), 701.20 (29) (a), 701.20 (29) (b), 701.24 (title),
3701.25 and 702.01 (intro.); to renumber and amend 49.849 (4) (c) 2., 701.06
4(4), 701.06 (5) (intro.) and (a), 701.06 (5) (b), 701.06 (5) (c), 701.06 (5m), 701.06
5(6) (b), 701.06 (6) (c), 701.06 (7), 701.06 (8), 701.065 (title), (1), (2), (3) and (4),
6701.08, 701.105 (title), (1), (2) and (3), 701.14 (2), 701.14 (3), 701.16 (4) (d),
7701.20 (2) (b), 701.20 (2) (d), 701.20 (2) (h), 701.20 (2) (k), 701.20 (3), 701.20 (4),
8701.20 (4c) (b) (intro.), 701.20 (4c) (b) 3. (intro.), 701.20 (4c) (b) 4., 701.20 (4c)
9(c), 701.20 (4c) (d), 701.20 (4c) (e), 701.20 (4c) (f), 701.20 (4c) (g), 701.20 (4g) (a)
10(intro.), 701.20 (4g) (a) 1. (intro.), 701.20 (4g) (a) 1. b., 701.20 (4g) (a) 1. d., 701.20
11(4g) (a) 2. (intro.), 701.20 (4g) (a) 2. a., 701.20 (4g) (b), (c), (d) and (e), 701.20 (4j),
12701.20 (4k), 701.20 (4m) (a), 701.20 (4m) (am), 701.20 (4m) (c), 701.20 (5), 701.20
13(6), 701.20 (7), 701.20 (8), 701.20 (9) (a), 701.20 (10), 701.20 (11), 701.20 (12),
14701.20 (13), 701.20 (14), 701.20 (15), 701.20 (16), 701.20 (17), 701.20 (18) (b),
15701.20 (18) (c) 1., 701.20 (18) (c) 2., 701.20 (18) (d), 701.20 (18) (e), 701.20 (19),
16701.20 (20), 701.20 (21), 701.20 (22), 701.20 (23), 701.20 (24), 701.20 (25),
17701.20 (26), 701.20 (27), 701.20 (28), 701.20 (29) (c) (intro.), 701.20 (29) (c) 1.,
18701.20 (30), 701.21, 701.22, 701.24 (1), 701.24 (2), 702.01 (1), 702.01 (2), 702.01
19(3), 702.01 (4), 702.01 (5), 702.15 (3), 702.17 (3), 879.47, 881.01 (1) (a) and 881.01
20(4); to consolidate, renumber and amend 701.20 (29) (c) 2. (intro.) and a.;
21to amend 20.435 (4) (im), 20.435 (4) (in), 20.435 (7) (im), 23.0918 (2), 25.70,
2246.27 (7g) (c) 2m. b., 46.27 (7g) (c) 6m. b., 46.27 (7g) (g), 46.286 (7), 49.453 (2)
23(a) (intro.), 49.453 (2) (b) (intro.), 49.496 (3) (aj) 2., 49.496 (3) (dm) 2., 49.496
24(6m), 49.682 (2) (bm) 2., 49.682 (2) (fm) 2., 49.682 (5), 49.849 (2) (c), 49.849 (7),
25223.07 (3), 223.105 (1) (c), 445.125 (1) (a) 1., 445.125 (1) (a) 2., 700.16 (1) (c),

1700.27 (1) (d), (2) (a) 2. and (b), (4) (e), (5) (b), (7) (a) and (8) (a), 702.03, 702.05,
2702.07, 702.08, 702.09 (title), (1) and (3) (a), (b) and (c), 702.11, 702.13 (title),
3(1) (intro.), (a), (b) and (c) and (2), 702.15 (intro.), (1) and (2), 702.17 (1), (2) and
4(5), 702.21, 766.55 (2) (bm), 766.575 (1) (e), 840.01 (1), 853.17 (2), 853.32 (3),
5853.61 (2) (a), 854.13 (1) (c), (2) (a) 2. and (d), (4) (e), (5) (b), (7) (a) and (10) (a)
6, 854.23 (5) (b), 859.18 (5) (a), 859.18 (5) (b), 861.015 (2), 861.11 (5) (b), 865.08
7(6), 867.03 (2g) (a), 879.03 (2) (c), 881.01 (1) (b) and 893.33 (4r); to repeal and
881.01 (1) (title); and to create 49.849 (4) (c) 2. a., 49.849 (4) (c) 2. b.,
949.849 (4) (c) 2. c., 445.125 (4) (bn), subchapter I (title) of chapter 701 [precedes
10701.0101], 701.0101, 701.0102, 701.0103, 701.0104, 701.0105, 701.0106,
11701.0107, 701.0108, 701.0109, 701.0110, 701.0111, subchapter II (title) of
12chapter 701 [precedes 701.0201], 701.0201, 701.0202, 701.0203, 701.0204,
13subchapter III (title) of chapter 701 [precedes 701.0301], 701.0301, 701.0302,
14701.0303, 701.0304, 701.0305, subchapter IV (title) of chapter 701 [precedes
15701.0401], 701.0401, 701.0402, 701.0403, 701.0404, 701.0405, 701.0406,
16701.0407, 701.0408, 701.0409, 701.0410, 701.0411, 701.0412, 701.0413,
17701.0414, 701.0415, 701.0416, 701.0417, 701.0418, subchapter V (title) of
18chapter 701 [precedes 701.0501], 701.0501, 701.0502, 701.0503 (title),
19701.0504, 701.0505, 701.0506, 701.0507, subchapter VI (title) of chapter 701
20[precedes 701.0601], 701.0601, 701.0602, 701.0603, 701.0604, subchapter VII
21(title) of chapter 701 [precedes 701.0701], 701.0701, 701.0702, 701.0703,
22701.0704, 701.0705, 701.0706, 701.0707, 701.0708, 701.0709, 701.0710,
23subchapter VIII (title) of chapter 701 [precedes 701.0801], 701.0801, 701.0802,
24701.0803, 701.0804, 701.0805, 701.0806, 701.0807, 701.0808, 701.0809,
25701.0810, 701.0811, 701.0812, 701.0813, 701.0814, 701.0815, 701.0816,

1701.0817, 701.0818, 701.0819, subchapter IX (title) of chapter 701 [precedes
2701.0901], 701.0901, 701.0902, 701.0903, subchapter X (title) of chapter 701
3[precedes 701.1001], 701.1001, 701.1002, 701.1003, 701.1004, 701.1005,
4701.1006, 701.1007, 701.1008, 701.1009, 701.1010, 701.1011, 701.1012,
5701.1013, subchapter XI (title) of chapter 701 [precedes 701.1101], 701.1101,
6701.1102 (intro.), 701.1102 (1g), 701.1106 (6), 701.1123 (1), 701.1123 (4),
7701.1126 (title), 701.1134 (3) (c) and (d) and (4), subchapter XII (title) of chapter
8701 [precedes 701.1201], 701.1202, 701.1203, 701.1205 (3), 702.02 (1), 702.02
9(3), 702.05 (5), 702.17 (3) (b), 702.17 (6), 853.34 (3), 881.01 (1) (a) 1. and 2. and
10881.01 (4) (b) of the statutes; relating to: the laws of trusts, the Uniform Trust
11Code, the Uniform Principal and Income Act, powers of appointment, and
12changes to estate recovery and divestment provisions relating to public
13assistance programs.
Analysis by the Legislative Reference Bureau
The Wisconsin Trust Code
This bill replaces current law related to trusts with the Wisconsin Trust Code
(Code), a modified version of the Uniform Trust Code, as amended in 2005 (UTC).
The Code is primarily a set of basic default rules that applies to certain trusts in this
state. With some exceptions, the terms of a trust may override or modify the Code's
default rules. There are, however, some mandatory provisions in the Code that may
not be overridden or modified by the terms of a trust, including the requirements for
creating a trust, the duty of a trustee to act in good faith, the effect of a spendthrift
provision, limits on provisions that limit a trustee's liability, periods of limitation for
commencing a judicial proceeding related to a trust, and the power of the court to
take certain actions. The Code also includes default rules that are not included in
the UTC, including rules related to a trustee's power to appoint assets to another
trust, trust protectors, directed trusts, and life insurance contracts owned by trusts.
In addition to creating the Code, the bill clarifies the definitions of "general
power of appointment" and "special power of appointment" and clarifies when a
creditor can reach assets that are subject to a power of appointment. The bill also
extends the prudent investor rule to directing parties and trust protectors who have
a power over the investment of a trust, and clarifies rules relating to a trustee's

retention of securities received by a trustee. A further explanation of these changes
is provided after the overview of the Code.
Under this bill, the 11 articles of the UTC are created as subchapters of the
Code. Two differences in the structure of the UTC and the Code are: 1) the Uniform
Prudent Investor Act, as adopted in this state, is referenced in the Code but
otherwise remains outside the Code; and 2) the Uniform Principal and Income Act,
which was previously adopted in this state, is included as subchapter 11 of the Code,
moving the miscellaneous provisions of the Code to subchapter 12.
The following is an overview of each subchapter of the Code:
Subchapter 1: General Provisions and Definitions
Subchapter 1 provides definitions for terms that are used throughout the Code,
including a number of new terms and definitions. The new terms introduced in
subchapter 1 include "qualified beneficiary," "directed trust property," and "trust
protector." Under the Code, a "qualified beneficiary" is a person who is a current
beneficiary of trust income or principal, a person who would be eligible to receive
trust income or principal if the current beneficiaries' interests in the trust terminate,
or a person who would receive a distribution if the trust terminates. "Directed trust
property" is defined as property that is invested or managed by a directing party and
for which the trustee has no investment or management responsibility. A "trust
protector" is defined as a person who is given a specified power over the trust in a
capacity other than as a trustee or a directing party. The terms "directed trust
property," "directing party," and "trust protector" are not included in the UTC.
In addition to providing definitions for the Code, subchapter 1 exempts certain
types of trusts from the Code, lists the provisions of the Code that may not be
overridden by the terms of a trust, incorporates the common law of trusts into the
Code, provides procedures for determining and transferring the principal place of
administration for a trust, and provides methods for giving and waiving notice. This
subchapter also provides that interested persons may enter into a nonjudicial
settlement agreement to address issues related to a trust to the extent that a court
could approve the terms of the nonjudicial settlement agreement.
Subchapter 2: Judicial Proceedings
Subchapter 2 addresses the role of the court in administering a trust. Under
current law, a testamentary trust is subject to continuing court supervision. Under
the Code, a court may intervene in the administration of a trust to the extent that
its jurisdiction is invoked by an interested person or as otherwise provided by law.
However, under the Code, a trust is not subject to continuing judicial supervision
unless ordered by the court in response to a petition requesting the supervision. This
subchapter also addresses procedural issues such as personal jurisdiction, subject
matter jurisdiction, and venue for judicial proceedings related to trusts.
Subchapter 3: Representation
Subchapter 3 allows a person to be represented and bound by another person
for certain purposes. Under the Code, providing notice, information, accountings, or
reports to a person who has the power to represent and bind another person has the
same effect as providing the notice, information, accountings, or reports to the
represented person. A person may be represented by a fiduciary, a parent, or by a

representative chosen by the trustee or a court. A trustee is not required to provide
information to a beneficiary if the trustee provides the information to the
beneficiary's representative. This subchapter also specifically allows a minor,
incapacitated person, unborn individual, or person whose identity is not known, to
be represented and legally bound by a person who has a substantially identical
interest with respect to the particular question or dispute to the extent there is no
conflict of interest in that representation.
Subchapter 4: Creation, Validity, Modification, and Termination of Trust
Subchapter 4 establishes the requirements for creating, modifying, and
terminating a trust. Generally, the Code provides that a trust is created when a
person transfers property to a trustee with the intent to create a trust relationship.
This subchapter expands upon the common law by specifically validating trusts for
animals and trusts for certain noncharitable purposes. This subchapter also
recognizes oral trusts if the terms of the trust are established by clear and convincing
This subchapter provides default rules for when a trust may be modified or
terminated. For example, under the Code, a noncharitable irrevocable trust may be
modified or terminated without court approval with the consent of the settlor and all
of the beneficiaries, even if the modification or termination is inconsistent with a
material purpose of the trust. Additionally, for purposes of terminating a trust, the
Code increases the value of what qualifies as an uneconomic trust to a trust with a
value of less than $100,000, as adjusted for inflation. Upon providing notice to the
qualified beneficiaries, every trust protector, every directing party, and the settlor,
if living, the trustee of an uneconomic trust may terminate the trust without court
Under this subchapter, a court is directed to apply liberally the doctrine of cy
pres to a charitable trust if the charitable purpose identified in the trust becomes
unlawful, impracticable, impossible, or wasteful. Under the doctrine of cy pres, a
court may substitute an alternative charitable purpose for a purpose that is
unlawful, impracticable, impossible, or wasteful. The Code preserves the
requirement under current law that, when applying the doctrine of cy pres, a court
must consider the community needs and charitable interest of the settlor in
determining an alternative plan for disposition of the trust property.
Finally, this subchapter includes a concept not addressed in the UTC, which is
the authority of a trustee of an irrevocable trust to appoint trust assets to the trustee
of another trust (a second trust) under certain circumstances. This procedure is
commonly referred to as decanting. Under the Code, subject to certain requirements,
a trustee who has the power to invade trust principal for the benefit of an income
beneficiary may appoint trust property to a second trust provided that the
appointment does not reduce any fixed income, annuity, or unitrust interest of the
beneficiary. If a trustee's power to invade trust income or principal under the first
trust is limited by a standard, the second trust may not grant the trustee a broader
power to invade trust income or principal. Also, if the trustee's power to invade the
principal of the first trust is not limited by a standard, the beneficiaries of the second
trust do not have to include all of the beneficiaries of the first trust; otherwise, the

beneficiaries of both trusts must be the same. A trustee may appoint assets to a
second trust with or without court approval by providing notice to the qualified
beneficiaries, every trust protector, every directing party, and the settlor, if living.
Subchapter 5: Creditor's Claim; Spendthrift and Discretionary Trusts
Subchapter 5 addresses the validity of a spendthrift provision and the rights
of a creditor of a settlor or a beneficiary to reach trust assets. The Code defines a
"spendthrift provision" as a provision that restrains either or both the voluntary or
involuntary transfer of a beneficiary's interest in a trust. In general, the Code
preserves current law related to spendthrift provisions and creditors' rights,
including exceptions for claims for child support and public support. The Code also
preserves current law that allows a trustee to limit the claims of a creditor of a settlor
upon the settlor's death by providing or publishing notice to the creditors. Thus, the
Code's treatment of spendthrift provisions and creditor's rights differs from the UTC.
Under the Code, a creditor may reach the assets of a revocable trust during the
lifetime of the settlor. If the trust is a self-settled irrevocable trust, a creditor may
reach the maximum amount that can be distributed to or for the settlor's benefit
presently or in the future.
Subchapter 5 also specifies that a beneficiary's use of real or tangible property
owned by a trust does not subject the property to the claims of the beneficiary's
creditors. The Code treats trusts that give the trustee absolute discretion in making
distributions and trusts that require the trustee to make distributions for purposes
of support in a similar manner. Under the Code, a beneficiary's interest in a trust
that is subject to a trustee's discretion does not constitute an interest in property.
Subchapter 6: Revocable Trusts
Subchapter 6 addresses "revocable trusts," which the Code defines as trusts
that may be revoked by a settlor without the consent of the trustee or an adverse
party. Property held in a revocable trust reverts back to the settlor if the trust is
revoked. The Code treats a revocable trust as a will substitute and therefore provides
that the capacity required to create or modify a revocable trust is the same as the
capacity required to create or modify a will. Under the Code, a trust is revocable
unless the trust instrument expressly provides that it is irrevocable. This reverses
the presumption under current law and applies only to trusts that are created after
the effective date of the bill.
This subchapter provides that, while a trust is revocable, the trustee owes its
duties exclusively to the settlor. Under the Code, a settlor's powers of revocation may
be exercised by a properly authorized agent, or by a conservator or guardian with
court approval. Therefore, a trust may remain revocable, even for an incapacitated
settlor, until the settlor's death. When the settlor dies, the trust is no longer
revocable and the trustee owes its duties to the beneficiaries.
Finally, subchapter 6 limits the period during which a person may challenge the
validity of a revocable trust. Under the Code, to challenge the validity of a revocable
trust, a person must commence a judicial proceeding no later than one year after the
settlor's death or four months after the trustee sends the person a copy of the trust
and notice of the time allowed for commencing a proceeding, whichever occurs first.

Subchapter 7: Office of Trustee
Subchapter 7 specifies numerous default procedural rules that apply to the
office of the trustee. Subchapter 7 includes rules related to acceptance or declination
of a trusteeship, requiring a bond, the rights and obligations of cotrustees, the
vacancy and appointment of successor trustees, the resignation of a trustee, the
grounds for removing a trustee, duties of a former trustee to deliver trust property,
trustee compensation, and the reimbursement of trustee expenses. Subchapter 7
also provides that property is properly transferred to a trust by titling the property
in the name of the trustee. However, property titled in the name of the trust also
places legal title in the name of the trustee.
Subchapter 8: Duties and Powers of Trustees, Directing Parties, and Trust
Subchapter 8 sets forth the fiduciary obligations of a trustee, except for those
fiduciary duties included in the Uniform Prudent Investor Act. Under the Code, a
trustee must administer the trust in good faith, solely in the interests of the
beneficiaries, impartially, and prudently, incurring only reasonable costs and using
any special skills or expertise the trustee may have. A trustee must take reasonable
steps to control and protect trust property, to maintain adequate records that clearly
identify separate trust interests, to enforce claims of the trust and defend claims
against the trust, to collect trust property and to redress breaches of former trustees,
and to exercise discretion in good faith and in accordance with the terms of the trust.
A trustee has a duty to inform and report and must provide requested trust
accountings to certain beneficiaries.
Under the Code, a trustee may delegate certain duties and powers but must
exercise reasonable care, skill, and caution when selecting an agent, establishing the
scope and terms of the delegation, and periodically reviewing the agent's actions. An
agent who accepts a delegation of duty or power from a trustee has a duty to exercise
reasonable care to comply with the terms of the delegation. A trustee who properly
delegates a duty or power to an agent is not liable to the beneficiaries for the agent's
Subchapter 8 provides that a trustee has broad power to achieve proper
investment, management, and distribution of the trust property and may exercise
all the powers that an unmarried, competent owner would have over individually
owned property. This subchapter also enumerates specific powers that a trustee has
absent contrary provisions in the trust instrument, and requires a trustee to make
certain presumptions related to certain tax objectives, including presumptions
concerning marital deduction transfers that are not included in the UTC.
As an addition to the UTC, the Code specifically allows a settlor, a court, or
interested persons in a nonjudicial settlement agreement to appoint directing
parties and trust protectors. The Code defines "directing party" as a person who is
granted a power, in a capacity other than as a trustee or a trust protector, to make
or to direct the trustee to make investment and distribution decisions. A directing
party is a fiduciary and is obligated to act in good faith, consistent with the terms and
purposes of the trust, and the interests of the beneficiaries. A trustee has no duty
to monitor the directing party, and a trustee who follows a directing party's directions

is not liable for any resulting losses, unless the loss is a result of the trustee's willful
Under the Code, a "trust protector" is a person who is granted certain powers
over the trust, the trustee, or trust property in a capacity other than as a trustee or
a directing party. A settlor, court, or interested persons in a nonjudicial settlement
agreement may specify whether a power granted to a trust protector must be
exercised in a fiduciary or nonfiduciary capacity. If a settlor, court, or interested
persons do not specify the legal capacity in which a trust protector is to exercise a
particular power, the Code provides default rules for determining the capacity for
specific powers. A trustee has no duty to monitor the actions of a trust protector and,
subject to certain exceptions, is not liable for taking actions consistent with the
actions of the trust protector.
Subchapter 9: Investment Management of Trusts
Subchapter 9 provides that, subject to certain exceptions, the investment
management of trust property is governed by the Uniform Prudent Investor Act,
which has been adopted in this state. As an exception to this general rule, a trustee
who has no power over directed trust property does not have a duty to monitor the
conduct or investment performance of the directing party.
The Code also limits the application of the Uniform Prudent Investor Act for life
insurance trusts. If a principal purpose of a trust is to hold a life insurance contract,
a trustee does not have a duty to determine whether the life insurance contract is,
or remains, a proper investment. This change applies to all trusts executed after the
effective date of the bill and to trusts executed before that date if the trustee provides
a notice to the qualified beneficiaries.
Subchapter 10: Liability of Trustees and Rights of Persons Dealing with
Subchapter 10 identifies the remedies for breach of trust, provides how
damages are determined for a breach of trust, reaffirms the court's power to award
costs and attorney fees, specifies potential defenses, and addresses trustee relations
with and liability to persons other than beneficiaries. Under the Code, a trust
instrument may not waive or vary the trustee's duty of good faith or relieve the
trustee of liability for reckless indifference. The Code also provides that a term in
a trust that relieves a trustee of liability is not enforceable if the inclusion of the term
is the result of an abuse of the settlor's confidential relationship with the trustee.
Generally, under the Code, a beneficiary must commence a proceeding against
a trustee for breach of trust within five years after the first to occur of the following:
the termination of the trust, the termination of the beneficiary's interest, or the
removal, resignation, or death of the trustee. However, the Code creates a one-year
statute of limitation for commencing such a proceeding if the beneficiary received a
report that adequately disclosed the existence of a potential claim.
Under the Code, a trustee is protected from liability for a loss in value of the
trust property if there is no breach of trust. A trustee generally is not liable if the
trustee acts in reasonable reliance on the express provisions of the trust, if the
trustee exercises reasonable care but fails to ascertain unknown external facts, or if
a beneficiary provides a consent, release, or ratification for the trustee's action. A

trustee is also protected from personal liability on a contract entered into in a
fiduciary capacity and for contracts and torts of a partnership in which the trustee
holds a general partnership interest if the other party had notice of the fiduciary
In general, a trustee is entitled to payment from the trust for attorney fees
incurred in good faith. However, if a claim against the trustee is based on a breach
of trust, the trustee must provide notice to qualified beneficiaries of the trustee's
intention to pay attorney fees from the trust. Any party to the action may seek a court
order prohibiting payment of attorney fees from the trust by demonstrating to the
court that there is a reasonable basis for the court to find that a breach of trust
A third party dealing with a trust is not liable for any breach of the trustee's
obligations to the beneficiaries resulting from a transaction, unless the third party
has knowledge of an actual breach by the trustee. In addition, a third party may rely
on a certification of trust that sets out certain required information, including a
statement that the trust has not been revoked, modified, or amended in any manner
that would cause the representations in the certificate to be incorrect. A third party
who receives a certification of trust and continues to demand a complete copy of a
trust instrument may be liable for damages if the demand is not in good faith.
Subchapter 11: Uniform Principal and Income Act