Section 469.910

Title XXXI TRUSTS AND ESTATES OF DECEDENTS AND PERSONS UNDER DISABILITY

Chapter 469

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 care under the circumstances then prevailing that persons of prudence, discretion, and intelligence exercise in the management of their own affairs, not in regard to speculation but in regard to the permanent disposition of their funds, considering the probable income as well as the probable safety of their capital", "prudent man rule", "prudent trustee rule", "prudent person rule", and "prudent investor rule".

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

Transferred 2004; formerly 456.910

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