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58-24a01

Chapter 58.--PERSONAL AND REAL PROPERTY Part 6.--MISCELLANEOUS PROVISIONS Article 24a.--UNIFORM PRUDENT INVESTOR ACT

58-24a01. Prudent investor rule.(a) Except as otherwise provided in subsection (b), afiduciarywho invests and manages trust assets owes a duty to the beneficiaries of thetrust to comply with the prudent investor rule set forth in this act.

(b) The prudent investor rule, a default rule, may be expanded, restricted,eliminated or otherwise altered by the provisions of a trust. A fiduciary isnotliable to a beneficiary to the extent that the fiduciary acted in reasonablereliance on the provisions of the trust.

(c) As used in this act, "fiduciary" means a personal representative or atrustee. The term includes an executor, administrator, successor personalrepresentative, special administrator, and a person performing substantiallythe same function.

History: L. 2000, ch. 80, § 1; July 1.

State Codes and Statutes

Statutes > Kansas > Chapter58 > Article24a > Statutes_22498

58-24a01

Chapter 58.--PERSONAL AND REAL PROPERTY Part 6.--MISCELLANEOUS PROVISIONS Article 24a.--UNIFORM PRUDENT INVESTOR ACT

58-24a01. Prudent investor rule.(a) Except as otherwise provided in subsection (b), afiduciarywho invests and manages trust assets owes a duty to the beneficiaries of thetrust to comply with the prudent investor rule set forth in this act.

(b) The prudent investor rule, a default rule, may be expanded, restricted,eliminated or otherwise altered by the provisions of a trust. A fiduciary isnotliable to a beneficiary to the extent that the fiduciary acted in reasonablereliance on the provisions of the trust.

(c) As used in this act, "fiduciary" means a personal representative or atrustee. The term includes an executor, administrator, successor personalrepresentative, special administrator, and a person performing substantiallythe same function.

History: L. 2000, ch. 80, § 1; July 1.

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State Codes and Statutes

Statutes > Kansas > Chapter58 > Article24a > Statutes_22498

58-24a01

Chapter 58.--PERSONAL AND REAL PROPERTY Part 6.--MISCELLANEOUS PROVISIONS Article 24a.--UNIFORM PRUDENT INVESTOR ACT

58-24a01. Prudent investor rule.(a) Except as otherwise provided in subsection (b), afiduciarywho invests and manages trust assets owes a duty to the beneficiaries of thetrust to comply with the prudent investor rule set forth in this act.

(b) The prudent investor rule, a default rule, may be expanded, restricted,eliminated or otherwise altered by the provisions of a trust. A fiduciary isnotliable to a beneficiary to the extent that the fiduciary acted in reasonablereliance on the provisions of the trust.

(c) As used in this act, "fiduciary" means a personal representative or atrustee. The term includes an executor, administrator, successor personalrepresentative, special administrator, and a person performing substantiallythe same function.

History: L. 2000, ch. 80, § 1; July 1.