Section 469.912 – Interpretation of certain sections.
Effective – 28 Aug 2004 469.912. Interpretation of certain sections. — 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. ——– (L. 1996 H.B. 1432, A.L. 2004 H.B. 1511) Transferred 2004; formerly 456.912 *”This […]
Section 469.913 – Specific statutory standards to control.
Effective – 28 Aug 2004 469.913. Specific statutory standards to control. — The general assembly recognizes that persons, corporations, entities or state agencies who have responsibility for investing funds may be subject to a standard that is specifically set forth in other statutes. Under such circumstances, such persons, corporations, entities or state agencies shall comply […]
Section 469.906 – Multiple beneficiaries, duty owed to whom.
Effective – 28 Aug 2004 469.906. Multiple beneficiaries, duty owed to whom. — If a trust has two or more beneficiaries, the trustee shall act impartially in investing and managing the trust assets, taking into account any differing interests of the beneficiaries. ——– (L. 1996 H.B. 1432, A.L. 2004 H.B. 1511) Transferred 2004; formerly 456.906
Section 469.907 – Restriction on costs.
Effective – 28 Aug 2004 469.907. Restriction on 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. ——– (L. 1996 H.B. 1432, A.L. 2004 H.B. 1511) Transferred 2004; formerly […]
Section 469.908 – Prudent investor rule, standard.
Effective – 28 Aug 2004 469.908. Prudent investor rule, standard. — The prudent investor rule imposes a standard of conduct, but does not contemplate a specific outcome or performance. 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 […]
Section 469.909 – Trustee powers, delegation — agent duties — liability of agent — agent submits to jurisdiction, when.
Effective – 28 Aug 2004 469.909. Trustee powers, delegation — agent duties — liability of agent — agent submits to jurisdiction, when. — 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: […]
Section 469.910 – Trust terms and phrases, definition.
Effective – 28 Aug 2004 469.910. Trust terms and phrases, definition. — The following terms or comparable language in the provisions of a trust, unless otherwise limited or modified, authorize 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 […]
Section 469.911 – Applicability of certain sections.
Effective – 28 Aug 2004 469.911. Applicability of certain sections. — Except as otherwise specifically provided in the terms of the trust or in sections 456.035 to 456.041 and sections 469.900 to 469.913, the provisions of sections 456.035 to 456.041 and sections 469.900 to 469.913 shall apply to any trust established before or after August […]
Section 469.463 – Uniformity considered in application and construction.
Effective – 28 Aug 2001 469.463. Uniformity considered in application and construction. — In applying and construing sections 469.401 to 469.467, consideration shall be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it. ——– (L. 2001 H.B. 241)
Section 469.465 – Severability clause.
Effective – 28 Aug 2001 469.465. Severability clause. — If any provision of sections 469.401 to 469.467 or the application of these sections to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of sections 469.401 to 469.467 which can be given effect without the invalid provision or […]