Section 13.36.225. Prudent investor rule.

   (a) Except as otherwise provided in (b) of this section and AS 13.36.273, a trustee who invests and manages trust assets owes a duty to the beneficiaries of the trust to comply with the prudent investor rule set out in AS 13.36.230 - 13.36.290.
   (b) The prudent investor rule, a default rule, may be expanded, restricted, eliminated, or otherwise altered by the direction of the settlor to the provisions of a trust. A trustee is not liable to a beneficiary to the extent that the trustee acted in reasonable reliance on the provisions of the trust.

Authorities

6.26.010; 6.26.410;13.16.350;13.26.500;13.36.230;13.36.240;13.36.275;13.36.225;13.36.280;13.36.285;13.36.290

Notes

References

3 AAC 04.210
AS 6.26.010 .010">Sec. 06.26.010. Persons authorized to act as fiduciaries.
AS 6.26.410 .410">Sec. 06.26.410. Requirements for handling trust assets.
AS 13.16.350 General duties; standard of care; relation and liability to persons interested in estate; standing to sue.
AS 13.26.500 General duty of conservator.
AS 13.36.230 Standard of care; portfolio strategy; risk and return objectives.
AS 13.36.240 Duties at inception of trusteeship.
AS 13.36.275
AS 13.36.275 Language invoking standard of AS 13.36.225 - 13.36.290.
AS 13.36.280 Application.
AS 13.36.285 Uniformity of application and construction.
AS 13.36.290 Short title.

History

(Sec. 3 ch 43 SLA 1998; am Sec. 12 ch 45 SLA 2013)