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Texas Property Code - Chapter 117 Uniform Prudent Investor ActLegal Research Home > Texas Lawyer > Property Code > Texas Property Code - Chapter 117 Uniform Prudent Investor Act Sponsored LinksThis chapter may be cited as the "Uniform Prudent Investor Act." Added by Acts 2003, 78th Leg., ch. 1103, § 1, eff. Jan. 1, 2004. ... This chapter shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this chapter ... (a) Except as otherwise provided in Subsection (b), a trustee who invests and manages trust assets owes a duty to the beneficiaries of the trust ... (a) A trustee shall invest and manage trust assets as a prudent investor would, by considering the purposes, terms, distribution requirements, and other circumstances of ... A trustee shall diversify the investments of the trust unless the trustee reasonably determines that, because of special circumstances, the purposes of the trust are ... Within a reasonable time after accepting a trusteeship or receiving trust assets, a trustee shall review the trust assets and make and implement decisions concerning ... A trustee shall invest and manage the trust assets solely in the interest of the beneficiaries. Added by Acts 2003, 78th Leg., ch. 1103, § ... If a trust has two or more beneficiaries, the trustee shall act impartially in investing and managing the trust assets, taking into account any differing ... In investing and managing trust assets, a trustee may only incur costs that are appropriate and reasonable in relation to the assets, the purposes of ... Compliance with the prudent investor rule is determined in light of the facts and circumstances existing at the time of a trustee's decision or action ... (a) A trustee may delegate investment and management functions that a prudent trustee of comparable skills could properly delegate under the circumstances. The trustee shall ... The following terms or comparable language in the provisions of a trust, unless otherwise limited or modified, authorizes any investment or strategy permitted under this ... Last modified: August 11, 2007 |