Source: https://fiduciary-experts.com/oklahoma-uniform-prudent-investor-act/
Timestamp: 2020-08-10 22:24:01
Document Index: 722640954

Matched Legal Cases: ['§ 1', '§ 2', '§60', '§ 3', '§ 4', '§ 5', '§ 6', '§ 7', '§ 8', '§ 9', '§ 10', '§ 11', '§ 12', '§ 13']

OKLAHOMA UNIFORM PRUDENT INVESTOR ACT | Fiduciary Experts
Sections 1 through 13 of this act shall be known and may be cited as the “Oklahoma Uniform Prudent Investor Act”.
Added by Laws 1995, c. 351, § 1, eff. Nov. 1, 1995.
A. Except as otherwise provided in subsection B of this section, 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 forth in the Oklahoma Uniform Prudent Investor Act.
B. The prudent investor rule, a default rule, may be expanded, restricted, eliminated, or otherwise altered by 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.
Added by Laws 1995, c. 351, § 2, eff. Nov. 1, 1995.
§60-175.62. Standard of care – Portfolio strategy – Risk and return objectives.
B. A trustee’s investment and management decisions respecting individual assets must be evaluated not in isolation, but in the context of the trust portfolio as a whole and as a part of an overall investment strategy having risk and return objectives reasonably suited to the trust.
C. Among circumstances that a trustee shall consider in investing and managing trust assets are those of the following as are relevant to the trust or its beneficiaries:
E. A trustee may invest in any kind of property or type of investment consistent with the standards of the Oklahoma Uniform Prudent Investor Act.
Added by Laws 1995, c. 351, § 3, eff. Nov. 1, 1995.
Added by Laws 1995, c. 351, § 4, eff. Nov. 1, 1995.
Within a reasonable time after accepting a trusteeship or receiving trust assets, a trustee shall review the trust assets and make and implement decisions concerning the retention and disposition of assets, in order to bring the trust portfolio into compliance with the purposes, terms, distribution requirements, and other circumstances of the trust and with the requirements of the Oklahoma Uniform Prudent Investor Act.
Added by Laws 1995, c. 351, § 5, eff. Nov. 1, 1995.
Added by Laws 1995, c. 351,.§ 6, eff. Nov. 1, 1995.
Added by Laws 1995, c. 351, § 7, eff. Nov. 1, 1995.
Added by Laws 1995, c. 351, § 8, eff. Nov. 1, 1995.
Added by Laws 1995, c. 351, § 9, eff. Nov. 1, 1995.
C. A trustee who complies with the requirements of subsection A of this section is not liable to the beneficiaries or to the trust for the decisions or actions of the agent to whom the function was delegated.
D. By accepting the delegation of a trust function from the trustee of a trust that is subject to the laws of this state, an agent submits to the jurisdiction of the courts of this state.
Added by Laws 1995, c. 351, § 10, eff. Nov. 1, 1995.
The following terms or comparable language in the provisions of a trust, unless otherwise limited or modified, authorizes any investment or strategy permitted under the Oklahoma Uniform Prudent Investor Act: “Investments permissible by law for investment of trust funds”, “legal investments”, “authorized investments”, “using the judgment and care under the circumstances then prevailing that persons of prudence, discretion, and intelligence exercise in the management of their own affairs, not in regard to speculation but in regard to the permanent disposition of their funds, considering the probable income as well as the probable safety of their capital”, “prudent man rule”, “prudent trustee rule”, “prudent person rule”, and “prudent investor rule”.
Added by Laws 1995, c. 351, § 11, eff. Nov. 1, 1995.
The Oklahoma Uniform Prudent Investor Act applies to trusts existing on and created after its effective date. As applied to trusts existing on its effective date, this act governs only decisions or actions occurring after that date.
Added by Laws 1995, c. 351, § 12, eff. Nov. 1, 1995.
The Oklahoma Uniform Prudent Investor Act shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this act among the states enacting it.
Added by Laws 1995, c. 351, § 13, eff. Nov. 1, 1995.