68-501. PRUDENT INVESTOR RULE. (1) Except as otherwise provided in subsection (2) of this section, 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 act. (2) The prudent investor rule, a default rule, may be expanded, […]
68-502. STANDARD OF CARE — PORTFOLIO STRATEGY — RISK AND RETURN OBJECTIVES. (1) 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. (2) A trustee’s […]
68-503. 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. History: [68-503, added 1997, ch. 14, sec. 2, p. 16.]
68-504. 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 […]
68-505. LOYALTY. A trustee shall invest and manage the trust assets solely in the interest of the beneficiaries. History: [68-505, added 1997, ch. 14, sec. 2, p. 16.]
68-506. 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. History: [68-506, added 1997, ch. 14, sec. 2, p. 16.]
68-507. 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. History: [68-507, added 1997, ch. 14, sec. 2, p. 16.]
68-508. 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. History: [68-508, added 1997, ch. 14, sec. 2, p. 16.]
68-509. DELEGATION OF INVESTMENT AND MANAGEMENT FUNCTIONS. (1) A trustee may delegate investment and management functions that a prudent trustee of comparable skills could properly delegate under the circumstances. The trustee shall exercise reasonable care, skill and caution in: (a) Selecting an agent; (b) Establishing the scope and terms of the delegation, consistent with the […]
68-510. LANGUAGE INVOKING STANDARD OF ACT. 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 act: "investments permissible by law for investment of trust funds," "legal investments," "authorized investments," "using the judgment and care under the circumstances then prevailing […]
68-511. APPLICATION TO EXISTING TRUSTS. This act applies to trusts existing on and created after its effective date. As applied to trusts existing on its effective dates, this act governs only decisions or actions occurring after that date. History: [68-511, added 1997, ch. 14, sec. 2, p. 17.]
68-512. UNIFORMITY OF APPLICATION AND CONSTRUCTION. This act shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this act among the states enacting it. History: [68-512, added 1997, ch. 14, sec. 2, p. 17.]
68-513. SHORT TITLE. This act may be cited as the "Idaho Uniform Prudent Investor Act." History: [68-513, added 1997, ch. 14, sec. 2, p. 17.]
68-514. GUARDIANS AND CONSERVATORS. The provisions of this act shall apply to and govern any bank, trust company or individual authorized and duly appointed by a court of competent jurisdiction, to act as a guardian or conservator under the laws of the state of Idaho. History: [68-514, added 1997, ch. 14, sec. 2, p. 17; […]
