Utah Code 53D-1-603. Director authority, responsibilities, and duties
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(1)
Terms Used In Utah Code 53D-1-603
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Director: means the director of the office. See Utah Code 53D-1-102
- 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
- Trust fund: means money derived from:(10)(a) the sale or use of land granted to the state under Sections 6, 8, and 12 of the enabling act;(10)(b) proceeds referred to in Section 9 of the enabling act from the sale of public land; and(10)(c) revenue and assets referred to in Utah Constitution, Article X, Section 5, Subsections
(1)(c) ,(e) , and(f) . See Utah Code 53D-1-102(1)(a) The director may delegate to an external agent the management of a portion of the trust fund money or assets, if the delegation is prudent under the circumstances and consistent with the purposes of the trust fund.(1)(b) The director shall periodically review the actions of an agent under Subsection (1)(a) in order to monitor the agent’s performance and compliance with the scope and terms of the delegation.
(2) The director shall act in good faith, with the care that a prudent professional in a like position would exercise under similar circumstances, in:
(2)(a) selecting an agent;
(2)(b) establishing the scope and terms of a delegation under Subsection (1); and
(2)(c) periodically reviewing the agent’s actions, as provided in Subsection (1)(b).
(3) In performing a delegated function, an agent owes a duty to the state and the beneficiaries to exercise reasonable care to comply with the scope and terms of the delegation.