58-24a01. Prudent investor rule.
58-24a01
58-24a01. Prudent investor rule.(a) Except as otherwise provided in subsection (b), afiduciarywho invests and manages trust assets owes a duty to the beneficiaries of thetrust to comply with the prudent investor rule set forth in this act.
(b) The prudent investor rule, a default rule, may be expanded, restricted,eliminated or otherwise altered by the provisions of a trust. A fiduciary isnotliable to a beneficiary to the extent that the fiduciary acted in reasonablereliance on the provisions of the trust.
(c) As used in this act, "fiduciary" means a personal representative or atrustee. The term includes an executor, administrator, successor personalrepresentative, special administrator, and a person performing substantiallythe same function.
History: L. 2000, ch. 80, § 1; July 1.