§ 28-73-1010. Limitation on personal liability of trustee
(a) Except as otherwise provided in the contract, a trustee is not personally liable on a contract properly entered into in the trustee’s fiduciary capacity in the course of administering the trust if the trustee in the contract disclosed the fiduciary capacity. (b) A trustee is personally liable for torts committed in the course of […]
§ 28-73-804. Prudent administration
A trustee shall administer the trust as a prudent person would, by considering the purposes, terms, distributional requirements, and other circumstances of the trust. In satisfying this standard, the trustee shall exercise reasonable care, skill, and caution.
§ 28-73-903. Diversification
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 better served without diversifying.
§ 28-73-805. Costs of administration
In administering a trust, the trustee may incur only costs that are reasonable in relation to the trust property, the purposes of the trust, and the skills of the trustee.
§ 28-73-904. Duties at inception of trusteeship
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 the retention and disposition of assets, in order to bring the trust portfolio into compliance with the purposes, terms, distribution requirements, and other circumstances of the trust, and with the […]
§ 28-73-806. Trustee’s skills
A trustee who has special skills or expertise, or is named trustee in reliance upon the trustee’s representation that the trustee has special skills or expertise, shall use those special skills or expertise.
§ 28-73-905. Reviewing compliance
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 and not by hindsight.
§ 28-73-807. Delegation by trustee
(a) A trustee may delegate duties and powers that a prudent trustee of comparable skills could properly delegate under the circumstances. The trustee shall exercise reasonable care, skill, and caution in: (1) selecting an agent; (2) establishing the scope and terms of the delegation, consistent with the purposes and terms of the trust; and (3) […]
§ 28-73-808. Powers to direct. [Repealed effective January 1, 2020.]
Publisher’s Notes. This section is repealed by Acts 2019, No. 1021, § 4, effective January 1, 2020. For current law, see § 28-76-101 et seq. For text of section effective until January 1, 2020, see the bound volume. Effective Dates. Acts 2019, No. 1021, § 6: Jan. 1, 2020.
§ 28-73-809. Control and protection of trust property
A trustee shall take reasonable steps to take control of and protect the trust property.