Utah Code 67-19f-302. State treasurer to follow “prudent investor” rule — Standard of care
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(1) The state treasurer shall invest and manage the trust fund assets as a prudent investor would, by:
Terms Used In Utah Code 67-19f-302
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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 the State Employees' Annual Leave Trust Fund created in Section 67-19f-201. See Utah Code 67-19f-102
(1)(a) considering the purposes, terms, distribution requirements, and other circumstances of the 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, the judge or finder of fact shall:
(2)(a) consider the state treasurer’s actions in light of the facts and circumstances existing at the time of the investment 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 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 trust fund.