Wyo. Stat. § 4-10-802 (2026)

(a) A trustee shall administer the trust solely in the
interests of the beneficiaries as their interests are defined
under the terms of the trust.

     (b) Subject to the rights of persons dealing with a
fiduciary as provided in W.S. 4-10-1013, a sale, encumbrance or
other transaction involving the investment or management of
trust property entered into by the trustee for the trustee's own
personal account or which is otherwise affected by a conflict
between the trustee's fiduciary and personal interests is
voidable by a beneficiary affected by the transaction unless:

          (i)    The transaction was authorized by the terms of
the trust;

          (ii)    The transaction was approved by the court;
          (iii) The beneficiary did not commence a judicial
proceeding within the time allowed by W.S. 4-10-1005;

          (iv) The beneficiary consented to the trustee's
conduct, ratified the transaction or released the trustee
pursuant to W.S. 4-10-1009; or

          (v) The transaction involves a contract entered into
or claim acquired by the trustee before the person became or
contemplated becoming trustee.

     (c) A sale, encumbrance or other transaction involving the
investment or management of trust property is presumed to be
affected by a conflict between personal and fiduciary interests
if it is entered into by the trustee with:

          (i)    The trustee's spouse;

          (ii)    The trustee's descendants, siblings, parents or
their spouses;

          (iii)    An agent or attorney of the trustee; or

          (iv) A corporation or other person or enterprise in
which the trustee, or a person that owns a significant interest
in the trustee, has an interest that might affect the trustee's
best judgment.

     (d) A transaction between a trustee and a beneficiary that
does not concern trust property but that occurs during the
existence of the trust or while the trustee retains significant
influence over the beneficiary and from which the trustee
obtains an advantage beyond the normal commercial advantage from
such a transaction, is voidable by the beneficiary unless the
trustee establishes that the transaction was fair to the
beneficiary.

     (e) A transaction not concerning trust property in which
the trustee engages in the trustee's individual capacity
involves a conflict between personal and fiduciary interests if
the transaction concerns an opportunity properly belonging to
the trust.

     (f) An investment by a trustee in securities of an
investment company or investment trust to which the trustee, or
its affiliate, provides services in a capacity other than as
trustee is not presumed to be affected by a conflict between
personal and fiduciary interests if the investment complies with
the prudent investor rule as specified under article 9 of this
act. The trustee may be compensated by the investment company or
investment trust for providing those services out of fees
charged to the trust if, as a condition precedent to receipt of
such compensation, and at least annually, the trustee notifies
the persons entitled under W.S. 4-10-813 to receive a copy of
the trustee's annual report of the rate and method by which the
compensation is determined by delivery of a prospectus or other
communication.

     (g) In voting shares of stock or in exercising powers of
control over similar interests in other forms of enterprise, the
trustee shall act in the best interests of the beneficiaries. If
the trust is the sole owner of a corporation or other form of
enterprise, the trustee shall elect or appoint directors or
other managers who will manage the corporation or enterprise in
the best interests of the beneficiaries.

     (h) This section does not preclude the following
transactions, if fair to the beneficiaries:

          (i) An agreement between a trustee and a majority of
the qualified beneficiaries relating to the appointment or
compensation of the trustee;

           (ii)   Payment of reasonable compensation to the
trustee;

          (iii) A transaction between a trust and another
trust, decedent's estate or conservatorship of which the trustee
is a fiduciary or in which a beneficiary has an interest;

          (iv) A deposit of trust money in a regulated
financial services institution operated by the trustee; or

          (v) An advance by the trustee of money for the
protection of the trust.

     (j) The court may appoint a special fiduciary to make a
decision with respect to any proposed transaction that might
violate this section if entered into by the trustee.

     (k) There is no presumption of a conflict of interest when
a trustee:
          (i) Makes an investment in an insurance contract
purchased from an insurance agency owned by, or affiliated with,
the trustee, or any of its affiliates; or

          (ii) Places securities through a securities broker
that is part of the same company as the trustee, is owned by the
trustee or is affiliated with the trustee provided the
investment complies with the prudent investor rule contained in
the Uniform Prudent Investor Act under W.S. 4-10-901 through
4-10-913 and the trustee at least annually notifies qualified
beneficiaries of the rate and method by which the trustee
receives compensation.