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Title XXXI TRUSTS AND ESTATES OF DECEDENTS AND PERSONS UNDER DISABILITY

Chapter 469

previous next Effective - 28 Aug 2004bottom

  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 forth in this act*.

  2.  A settlor may expand or restrict the prudent investor rule detailed in this act* by express provisions in the trust instrument.  A trustee is not liable to a beneficiary for the trustee's good faith reliance on these express provisions.

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(L. 1996 H.B. 1432, A.L. 2004 H.B. 1511)

Transferred 2004; formerly 456.901

*"This act" (H.B. 1432, 1996) contained numerous sections.  Consult Disposition of Sections table for a definitive listing.


---- end of effective   28 Aug 2004 ----

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