Montana Code 72-38-901. Prudent investor rule
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72-38-901. Prudent investor rule. (1) Except as provided in subsection (2), a trustee who invests and manages trust assets owes a duty to the beneficiaries of the trust to comply with the prudent investor rule.
Terms Used In Montana Code 72-38-901
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Settlor: means a person, including a testator, who creates or contributes property to a trust. See Montana Code 72-38-103
- Trust instrument: means an instrument executed by the settlor that contains terms of the trust, including any amendments thereto. See Montana Code 72-38-103
- Trustee: A person or institution holding and administering property in trust.
- Trustee: includes an original, additional, and successor trustee and a cotrustee. See Montana Code 72-38-103
(2)The settlor may expand or restrict the prudent investor rule by express provisions in the trust instrument. A trustee is not liable to a beneficiary for the trustee’s good faith reliance on these express provisions.