Mississippi Legislature

1999 Regular Session

House Bill 773

[Introduced]

Instructions Bill Status Menu




History of Actions

Background

Title

Description: Investments; Uniform Prudent Investor Act (NCCUSL).

History of Actions:

101/08/99(H)Referred To Judiciary A
202/02/99(H)Died In Committee

Background Information:

Effective date*July 1, 1999
DispositionDead
DeadlineGeneral Bill/Constitutional Amendment
RevenueNo
3/5ths vote requiredNo

House Committee:

Principal Author: Perry

Title: AN ACT TO ENACT THE MISSISSIPPI UNIFORM PRUDENT INVESTOR ACT; TO PROVIDE A GUIDELINE OR RULE BY WHICH A TRUSTEE WHO INVESTS AND MANAGES TRUST ASSETS FULFILLS HIS DUTY TO THE BENEFICIARIES OF THE TRUST; TO PROVIDE THAT THE PRUDENT INVESTOR RULE MAY BE ALTERED BY THE PROVISIONS OF A TRUST; TO PROVIDE THAT A TRUSTEE IS NOT LIABLE TO A BENEFICIARY WHEN ACTING IN RELIANCE ON THE PROVISIONS OF THE TRUST; TO PROVIDE A STANDARD OF CARE IN MANAGING TRUST ASSETS, INCLUDING STANDARDS FOR PORTFOLIO STRATEGIES AND RISK AND RETURN OBJECTIVES; TO REQUIRE A TRUSTEE TO DIVERSIFY THE INVESTMENTS OF THE TRUST IN MOST CASES; TO SET FORTH DUTIES OF THE TRUSTEE AT THE INCEPTION OF THE TRUSTEESHIP; TO PROVIDE THAT A TRUSTEE ACT SOLELY IN THE INTEREST OF THE BENEFICIARIES, AND WITH IMPARTIALITY IF A TRUST HAS TWO OR MORE BENEFICIARIES; TO PROVIDE THAT A TRUSTEE MAY INCUR ONLY APPROPRIATE AND REASONABLE COSTS IN MANAGING THE ASSETS; TO ALLOW A TRUSTEE TO DELEGATE INVESTMENT AND MANAGEMENT FUNCTIONS IF REASONABLE CARE, SKILL AND CAUTION ARE EXERCISED; TO SPECIFY CERTAIN LANGUAGE THAT WILL INVOKE THE STANDARD OF THE ACT; AND FOR RELATED PURPOSES.


Information pertaining to this measure was last updated on 02/02/99 at 17:06.



End Of Document

1999\pdf\History/HB\HB0773.htm