58-24a01. Prudent investor rule. (a) Except as otherwise provided in subsection (b), a fiduciary who invests and manages trust assets owes a duty to the beneficiaries of the trust to comply with the prudent investor rule set forth in this act.
(b) The prudent investor rule, a default rule, may be expanded, restricted, eliminated or otherwise altered by the provisions of a trust. A fiduciary is not liable to a beneficiary to the extent that the fiduciary acted in reasonable reliance on the provisions of the trust.
(c) As used in this act, "fiduciary" means a personal representative or a trustee. The term includes an executor, administrator, successor personal representative, special administrator, and a person performing substantially the same function.
History: L. 2000, ch. 80, ยง 1; July 1.
Structure Kansas Statutes
Chapter 58 - Personal And Real Property
Article 24a - Uniform Prudent Investor Act
58-24a01 Prudent investor rule.
58-24a04 Duties at inception of fiduciary relationship.
58-24a08 Reviewing compliance.
58-24a09 Delegation of investment and management functions.
58-24a10 Language invoking standard of act.
58-24a11 Application to existing trusts.
58-24a12 Uniformity of application and construction.
58-24a15 Investments of conservators.
58-24a16 Investments by fiduciaries in certain corporations and organizations.
58-24a17 Investments by fiduciaries in certain loans.
58-24a19 Same; court's power to permit deviation not restricted.