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, § 1; July 1.
Notes of Decisions
McGinley v. Bank of Am., N.A., 109 P.3d 1146 (Kan. 2005).
· cites it 8× “, was repealed on July 1, 2000, and replaced at that time by K.S.A. 2000 Supp. 58-24a01 et seq., the Uniform Prudent Investor Act.”
Roenne v. Miller, 475 P.3d 708 (Kan. Ct. App. 2020).
“Brad contends he acted in reasonable reliance on the provisions of the trust as allowed by the prudent investor rule—K.S.A. 58-24a01. Brad contends he did not violate his duty of loyalty under K.”
Culliss v. Culliss, 514 P.3d 376 (Kan. Ct. App. 2022).
“, K.S.A. 58-24a01 (requiring "a fiduciary who invests and manages trust assets" to comply with the prudent investor rule); K.”
— K.S.A. § 58-24a01(b) — 1 case
McGinley v. Bank of Am., N.A., 109 P.3d 1146 (Kan. 2005).
“, was repealed on July 1, 2000, and replaced at that time by K.S.A. 2000 Supp. 58-24a01 et seq., the Uniform Prudent Investor Act.”
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