Effective – 28 Aug 2004 469.900. Citation of law — definitions. — Sections 469.900 to 469.913 shall be known, and may be cited, as the “Missouri Prudent Investor Act”. As used in this act, the term “trustee” includes independent personal representatives and trustees, whether of express or implied trusts, and the term “trust” includes independently […]
Effective – 28 Aug 2004 469.901. Trustee duties, settlor may restrict or expand. — 1. Except as otherwise provided in subsection 2 of this section, or by other applicable laws, 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 […]
Effective – 28 Aug 2004 469.902. Trustee duties and powers — decisions to be evaluated in context of trust. — 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 […]
Effective – 28 Aug 2004 469.903. Diversification required, exception. — 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. ——– (L. 1996 H.B. 1432, A.L. 2004 H.B. 1511) Transferred 2004; formerly 456.903
Effective – 28 Aug 2004 469.904. Trust assets, retention and disposition. — 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, […]
Effective – 28 Aug 2004 469.905. To whom duty owed. — A trustee shall invest and manage the trust assets solely in the interest of the beneficiaries. ——– (L. 1996 H.B. 1432, A.L. 2004 H.B. 1511) Transferred 2004; formerly 456.905
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
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 […]
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 […]
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: […]
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 […]
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 […]
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 […]
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 […]
