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The Uniform Trust Code is a model law in the United States created by the ... (including Article VII of the Uniform Probate Code, the Uniform Prudent Investor Act of ...
The Uniform Trust Code presumes that trustees will be held to the same standard as that adopted by the Uniform Law Commissioners in the Prudent Investor Act [UPIA]. A trustee must invest and manage trust assets as a "prudent investor" would, by considering the purposes, terms, distribution requirements, and other circumstances of the trust. [ 40 ]
The Uniform Prudent Investor Act (UPIA), which was adopted in 1992 by the American Law Institute's Third Restatement of the Law of Trusts ("Restatement of Trust 3d"), reflects a "modern portfolio theory" and "total return" approach to the exercise of fiduciary investment discretion.
Uniform Probate Code: 1969, 1975, 1982, 1987, 1989, 1990, 1991, 1997 Uniform Probate Code Vi: 1989, 1998 Uniform Prudent Investor Act: 1994 Uniform Punitive Damages Act: 1996 Uniform Putative and Unknown Fathers Act: 1988 Uniform Real Estate Cooperative Act: 1981 Uniform Real Estate Time-Share Act: 1980, 1982 Uniform Real Property Electronic ...
In Trust Law, the Duty of Prudence traditionally includes the duty of a trustee to administer a trust with a degree of care, skill and caution. The degree of care required depends both on the jurisdiction on the trustee's actual or purported skill, for example if they have an accounting background (or claimed to have one), they must exercise professional care.
This uniform law is adopted state by state, and therefore the law may be slightly different in each state. For example, on September 20, 2010, New York Gov. David Paterson signed into law the New York version of UPMIFA called the New York Prudent Management of Institutional Funds Act or NYPMIFA.
Austin Wakeman Scott (August 31, 1884 – April 10, 1981) was a professor of law at Harvard University [1] who wrote a ten-volume treatise covering many topics of personal trusts such as the formation and termination of express trusts, resulting and constructive trusts, and the conflicts of interest encountered in the administration of trusts.
The aim of the law is to ensure that the intention of the trust creator or decedent is carried out, and to govern the proper distribution of assets to trust beneficiaries, heirs and devisees. [1] To be enacted into law, the Act must be adopted by the state legislature. To date, most states have adopted the Act (sometimes with modifications). [2]