Section 4-10-1007 – Event Affecting Administration or Distribution.
4-10-1007. Event affecting administration or distribution. If the happening of an event, including marriage, divorce, performance of educational requirements or death, affects the administration or distribution of a trust, a fiduciary who has exercised reasonable care to ascertain the happening of the event is not liable for a loss resulting from the fiduciary’s lack of […]
Section 4-10-1008 – Exculpation of Fiduciaries.
4-10-1008. Exculpation of fiduciaries. (a) A term of a trust relieving a fiduciary of liability for breach of trust is unenforceable to the extent that it: (i) Relieves the fiduciary of liability for breach of trust committed in bad faith or with reckless indifference to the purposes of the trust or the interests of the […]
Section 4-10-1004 – Attorney’s Fees and Costs.
4-10-1004. Attorney’s fees and costs. In a judicial proceeding involving the administration of a trust, the court, as justice and equity may require, may award costs and expenses, including reasonable attorney’s fees, to any party, to be paid by another party or from the trust that is the subject of the controversy.
Section 4-10-1005 – Limitation of Action Against Fiduciary.
4-10-1005. Limitation of action against fiduciary. (a) A beneficiary may not commence a proceeding against a fiduciary for breach of trust more than two (2) years after the date the beneficiary or a representative of the beneficiary received a report that adequately disclosed the existence of a potential claim for breach of trust and informed […]
Section 4-10-906 – Impartiality.
4-10-906. 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.
Section 4-10-907 – Investment Costs.
4-10-907. 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.
Section 4-10-908 – Reviewing Compliance.
4-10-908. Reviewing compliance. Compliance with the prudent investor rule under this article is determined in light of the facts and circumstances existing at the time of a trustee’s decision or action and not by hindsight.
Section 4-10-909 – Delegation of Investment and Management Functions.
4-10-909. Delegation of investment and management functions. (a) 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: (i) Selecting an agent; (ii) Establishing the scope and terms of the delegation, consistent with the […]
Section 4-10-910 – Language Invoking Standard of This Article.
4-10-910. Language invoking standard of this article. (a) 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 article: (i) “Investments permissible by law for investment of trust funds”; (ii) “Legal investments”; (iii) “Authorized investments”; (iv) “Using the judgment and […]
Section 4-10-911 – Application to Public Funds of the State of Wyoming.
4-10-911. Application to public funds of the state of Wyoming. This article applies to public funds of the state of Wyoming unless a different investment standard is specifically provided for the investment of specified public funds.