(a) Any person acting as a trustee or as any other fiduciary under the laws of this state may delegate any investment, management, or administrative function if the person exercises reasonable care, judgment, and caution in:
(1) Selecting the delegate, taking into account the delegate's financial standing and reputation;
(2) Establishing the scope and other terms of any delegation; and
(3) Reviewing periodically the delegate's actions in order to monitor overall performance and compliance with the scope and other terms of the delegation.
(b) Notwithstanding any delegation permitted by subsection (a) of this section, any person acting as a trustee, except as provided in ยง 28-73-807, or in any other fiduciary capacity under the laws of this state shall retain responsibility for the due performance of any delegated fiduciary function.
Section: Previous 23-51-185 23-51-186 23-51-187 23-51-188 23-51-189 23-51-190 23-51-191 23-51-192 23-51-193 23-51-194 23-51-195 23-51-196 23-51-197 23-51-198 23-51-199 NextLast modified: November 15, 2016