§ 91-9-509. Settlor as beneficiary of own trust; invalid restraint on transfers; payments for education or support at trustee’s discretion; maximum amount accessible by transferees or creditors
Except as provided in Sections 91-9-701 through 91-9-723, if the settlor is a beneficiary of a trust created by the settlor and the settlor’s interest in the trust is subject to a provision restraining the voluntary or involuntary transfer of the settlor’s interest, the restraint is invalid against transferees or creditors of the settlor. The […]
§ 91-9-511. Application of act; date of trust creation
Sections 91-9-501 through 91-9-511 shall apply to trusts created, defined or determined in trust instruments executed at any time whether before, on or after March 23, 1998.
§ 91-9-601. Prudent investor rule
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 article. The prudent investor rule, a default rule, may be expanded, restricted, eliminated, or otherwise altered by the provisions of […]
§ 91-9-603. Standard of care; portfolio strategy; risk and return
A trustee shall invest and manage trust assets as a prudent investor would, by considering the purposes, terms, distribution requirements, and other circumstances of the trust. In satisfying this standard, the trustee shall exercise reasonable care, skill, and caution. A trustee’s investment and management decisions respecting individual assets must be evaluated not in isolation but […]
§ 91-9-605. 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.
§ 91-9-607. 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 […]
§ 91-9-609. Loyalty
A trustee shall invest and manage the trust assets solely in the interest of the beneficiaries.
§ 91-9-611. Impartiality
If a trust has two (2) or more beneficiaries, the trustee shall act impartially in investing and managing the trust assets, taking into account any differing interests of the beneficiaries.
§ 91-9-613. Investment costs
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 the trust, and the skills of the trustee.
§ 91-9-407. Amendment of trust instrument to exclude application of Sections 91-9-401 and 91-9-403
The trustees of any trust which is a “private foundation” (as defined in Section 509 of the United States Internal Revenue Code), a “charitable trust” (as defined in Section 4947(a)(1) of the United States Internal Revenue Code) or a “split-interest trust” (as defined in Section 4947(a)(2) of the United States Internal Revenue Code) may, without […]