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LOUISIANA STATUTES AND CODES

RS 9:2087 Delegating performance

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§2087.Delegating performance A.Except as otherwise provided in this Section, a trustee shall not delegate the performance of his duties. B.A trustee may, by power of attorney, delegate the performance of ministerial duties and acts that he could not reasonably be required to perform personally. C.A trustee may delegate the selection of specific investments by acquiring mutual funds registered under the Investment Company Act of 1940, or other pooled funds managed by a third party, so long as the portfolio of such a fund consists substantially of investments not prohibited by the trust instrument. D.(1)A trustee may delegate investment and asset management functions that a prudent trustee of comparable skills could properly delegate under the circumstances.In connection with such delegation, the trustee has the duty to exercise reasonable care, skill, and caution in selecting the agent and establishing the scope and terms of the delegation consistent with the purposes and terms of the trust instrument, to review periodically the actions of the agent, and, in the event of a breach of the agent's duties discovered by the trustee, to take such action to remedy the breach as is reasonable under the circumstances. (2)In performing a delegated function, an agent owes a duty to the trustee and to the beneficiaries to exercise reasonable care and skill, considering the scope and terms of the delegation.An agreement to relieve the agent from that duty is contrary to public policy and void. (3)By accepting delegation from a trustee of a trust established pursuant to this Code, an agent submits to the jurisdiction of the courts of this state in all matters relating to the performance of his duties. Acts 2001, No. 520, §1; Acts 2010, No. 224, §1.
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  • §2087.  Delegating performance

    A.  Except as otherwise provided in this Section, a trustee shall not delegate the performance of his duties.

    B.  A trustee may, by power of attorney, delegate the performance of ministerial duties and acts that he could not reasonably be required to perform personally.

    C.  A trustee may delegate the selection of specific investments by acquiring mutual funds registered under the Investment Company Act of 1940, or other pooled funds managed by a third party, so long as the portfolio of such a fund consists substantially of investments not prohibited by the trust instrument.

    D.(1)  A trustee may delegate investment and asset management functions that a prudent trustee of comparable skills could properly delegate under the circumstances.  In connection with such delegation, the trustee has the duty to exercise reasonable care, skill, and caution in selecting the agent and establishing the scope and terms of the delegation consistent with the purposes and terms of the trust instrument, to review periodically the actions of the agent, and, in the event of a breach of the agent's duties discovered by the trustee, to take such action to remedy the breach as is reasonable under the circumstances.

    (2)  In performing a delegated function, an agent owes a duty to the trustee and to the beneficiaries to exercise reasonable care and skill, considering the scope and terms of the delegation.  An agreement to relieve the agent from that duty is contrary to public policy and void.

    (3)  By accepting delegation from a trustee of a trust established pursuant to this Code, an agent submits to the jurisdiction of the courts of this state in all matters relating to the performance of his duties.

    Acts 2001, No. 520, §1; Acts 2010, No. 224, §1.

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