Section 18-15-12. – Uniformity of application and construction.
§ 18-15-12. Uniformity of application and construction. This chapter shall be applied and construed to effectuate its general purpose to make the law uniform with respect to the subject of this chapter among the states enacting it. History of Section.P.L. 1996, ch. 276, § 1.
Section 18-15-13. – Short title.
§ 18-15-13. Short title. This chapter may be cited as the “Rhode Island Uniform Prudent Investor Act”. History of Section.P.L. 1996, ch. 276, § 1.
Section 18-15-1. – Prudent investor rule.
§ 18-15-1. Prudent investor rule. (a) Except as otherwise provided in subsection (b) 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 chapter. (b) The prudent investor rule, a default rule, may be […]
Section 18-15-2. – Standard of care — Portfolio strategy — Risk and return objectives.
§ 18-15-2. Standard of care — Portfolio strategy — Risk and return objectives. (a) 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. (b) A […]
Section 18-15-3. – Diversification.
§ 18-15-3. 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 of Section.P.L. 1996, ch. 276, § 1.
Section 18-15-4. – Duties at inception of trusteeship.
§ 18-15-4. 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 […]
Section 18-15-5. – Loyalty.
§ 18-15-5. Loyalty. A trustee shall invest and manage the trust assets solely in the interest of the beneficiaries. History of Section.P.L. 1996, ch. 276, § 1.
Section 18-15-6. – Impartiality.
§ 18-15-6. 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 of Section.P.L. 1996, ch. 276, § 1.
Section 18-15-7. – Investment costs.
§ 18-15-7. 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 of Section.P.L. 1996, ch. 276, § 1.
Section 18-15-8. – Reviewing compliance.
§ 18-15-8. 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 of Section.P.L. 1996, ch. 276, § 1.