Utah Code 51-7b-202. Prudent investor standard — Determining whether standard met
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(1) The state treasurer shall invest and manage the permanent state trust fund assets as a prudent investor would, by:
Terms Used In Utah Code 51-7b-202
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- permanent state trust fund: means the permanent state trust fund created by and operated under
Utah Constitution, Article XXII, Section 4. See Utah Code 51-7b-102 - State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
(1)(a) considering the purposes, terms, distribution requirements, and other circumstances of the permanent state trust fund; and
(1)(b) exercising reasonable care, skill, and caution in order to meet the standard of care of a prudent investor.
(2) In determining whether the state treasurer has met the standard of care of a prudent investor, a finder of fact shall:
(2)(a) consider the state treasurer’s investment decision or action in light of the facts and circumstances existing at the time of the decision or action, and not by hindsight; and
(2)(b) evaluate the state treasurer’s investment and management decisions respecting individual assets:
(2)(b)(i) not in isolation, but in the context of the permanent state trust fund portfolio as a whole; and
(2)(b)(ii) as a part of an overall investment strategy that has risk and return objectives reasonably suited to the permanent state trust fund.