Sec. 9. (a) A trustee may delegate investment and management functions that a prudent trustee of comparable skills could properly delegate under the circumstances. The trustee shall exercise reasonable care, skill, and caution in:
(1) selecting an agent;
(2) establishing the scope and terms of the delegation, consistent with the purposes and terms of the trust; and
(3) reviewing the agent's actions periodically in order to monitor the agent's performance and compliance with the terms of the delegation.
(b) In performing a delegated function, an agent owes a duty to the trust to exercise reasonable care.
(c) By accepting the delegation of a trust function from the trustee of a trust that is subject to the law of Indiana, an agent submits to the jurisdiction of the courts of Indiana.
As added by P.L.137-1999, SEC.3.
Structure Indiana Code
Title 30. Trusts and Fiduciaries
Chapter 3.5. Indiana Uniform Prudent Investor Act
30-4-3.5-1. Compliance With Prudent Investor Rule
30-4-3.5-2. Prudent Investor Rule
30-4-3.5-3. Diversification of Investments
30-4-3.5-4. Review of Trust Assets
30-4-3.5-5. Trust Managed in Interest of Beneficiaries
30-4-3.5-6. Impartial Management
30-4-3.5-8. Determination of Compliance With Prudent Investor Rule
30-4-3.5-9. Delegation of Functions by Trustee
30-4-3.5-10. Authorization of Investments or Strategies
30-4-3.5-11. Applicability of Chapter