Mississippi Legislature

2000 Regular Session

House Bill 504

Instructions Bill Status Menu




Bill Text

History of Actions

Background

Title

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

Bill Text: [Introduced]

History of Actions:

101/25/00(H)Referred To Judiciary A
203/07/00(H)Died In Committee

Background Information:

Effective dateJuly 1, 2000
DispositionDead
DeadlineGeneral Bill/Constitutional Amendment
RevenueNo
3/5ths vote requiredNo

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.


Information pertaining to this measure was last updated on 03/07/00 at 17:23.



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