Bill Text | History of Actions | Background | Title |
Description: Investments; Uniform Prudent Investor Act (NCCUSL).
Bill Text: [Introduced]
| 1 | 01/25/00 | (H) | Referred To Judiciary A | |
| 2 | 03/07/00 | (H) | Died In Committee |
| Effective date | July 1, 2000 | |
| Disposition | Dead | |
| Deadline | General Bill/Constitutional Amendment | |
| Revenue | No | |
| 3/5ths vote required | No |
House Committee:
Principal Author: Watson
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.
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2000/html/History/HB/HB0504.htm