§ 18-15-1. Prudent investor rule.
(a) Except as otherwise provided in subsection (b) of this section, a trustee 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 chapter.
(b) The prudent investor rule, a default rule, may be expanded, restricted, eliminated, or otherwise altered by the provisions of a trust. A trustee is not liable to a beneficiary to the extent that the trustee acted in reasonable reliance on the provisions of the trust.
History of Section.P.L. 1996, ch. 276, § 1.
Structure Rhode Island General Laws
Chapter 18-15 - Rhode Island Uniform Prudent Investor Act
Section 18-15-1. - Prudent investor rule.
Section 18-15-2. - Standard of care — Portfolio strategy — Risk and return objectives.
Section 18-15-3. - Diversification.
Section 18-15-4. - Duties at inception of trusteeship.
Section 18-15-6. - Impartiality.
Section 18-15-7. - Investment costs.
Section 18-15-8. - Reviewing compliance.
Section 18-15-9. - Delegation of investment and management functions.
Section 18-15-10. - Language invoking standard of chapter.
Section 18-15-11. - Application to existing trusts.
Section 18-15-12. - Uniformity of application and construction.