[§554C-1] Prudent investor rule. (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 to comply with the prudent investor rule set forth in this chapter.
(b) The prudent investor rule, a default rule, may be expanded, restricted, eliminated, or otherwise altered by the provisions of a trust. A trustee is not liable to a beneficiary to the extent that the trustee acted in reasonable reliance on the provisions of the trust. [L 1997, c 26, pt of §1]
Section: 554c-1 554c-2 554c-3 554c-4 554c-5 554c-6 554c-7 554c-8 554c-9 554c-10 554c-11 554c-12 NextLast modified: October 27, 2016