§ 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 […]
§ 18-15-10. Language invoking standard of chapter. 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 chapter: “investments permissible by law for investment of trust funds,” “legal investments,” “authorized investments,” “using the judgment and care under the circumstances then […]
§ 18-15-11. Application to existing trusts. This chapter applies to trusts existing on and created after August 6, 1996. As applied to trusts existing on its effective date, this chapter governs only decisions or actions occurring after that date. History of Section.P.L. 1996, ch. 276, § 1.
§ 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.
§ 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.
§ 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 […]
§ 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.
§ 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 […]
§ 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.
§ 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.
§ 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.
§ 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.
§ 18-15-9. 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: (1) Selecting an agent; (2) Establishing the scope and terms of the delegation, consistent with […]
