72-38-131. When use of notice authorized. (1) The trustee who elects to provide notice pursuant to this part shall provide notice of the proposed action or notice of proposed inaction to each qualified beneficiary as provided in 72-38-130 through 72-38-134.

(2) Notwithstanding any other provisions of 72-38-130 through 72-38-134, the trustee may not use a notice of proposed action or notice of proposed inaction in any of the following circumstances:

(a) allowance of the trustee's compensation;

(b) allowance of compensation of the attorney for the trustee;

(c) settlement of accounts or reports;

(d) preliminary and final distributions and discharge;

(e) sale of property of the trust to the trustee or to the attorney for the trustee;

(f) exchange of property of the trust for property of the trustee or for property of the attorney for the trustee;

(g) grant of an option to purchase property of the trust to the trustee or to the attorney for the trustee;

(h) allowance, payment, or compromise of a claim of the trustee, or the attorney for the trustee, against the trust;

(i) compromise of settlement of a claim, action, or proceeding by the trust against the trustee or against the attorney for the trust; and

(j) extension, renewal, or modification of the terms of a debt or other obligation of the trustee, or the attorney for the trustee, owing to or in favor of the trust.

(3) Notice of proposed action or notice of proposed inaction is not required to be given to a qualified beneficiary who consents in writing to the proposed action or inaction. The consent may be executed at any time before or after the effective date of the proposed action or inaction.

(4) A trustee is not required to provide a copy of the notice of the proposed action or notice of proposed inaction to a qualified beneficiary who is known to the trustee but who cannot be located by the trustee after reasonable diligence or who is unknown to the trustee.