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WV Code § 44-6-9 (2021)
2021 West Virginia Code|Chapter 44. Administration of Estates and Trusts|Article 6. Investments by Fiduciaries|§44-6-9. Investment of Trust Assets in Mutual Funds; Investments in Mutual Fund Companies Otherwise Served by the Bank; Investment of Trust Assets in Time Deposits

(a) A bank or trust company qualified and acting in a fiduciary capacity in this state may, in the exercise of its investment discretion or at the direction of another person authorized to direct investment of funds held by the bank or trust company as fiduciary, invest and reinvest trust assets in mutual funds which are the securities of an open-end or closed-end management investment company or investment trust registered under the Investment Company Act of 1940 (15 U.S.C. Section 80a-1, et seq.), as amended: Provided, That the portfolio of such investment company or investment trust does not consist of investments prohibited by the governing fiduciary instrument.(b) The fact that a bank or trust company or an affiliate of the same provides services to an investment company or investment trust, including, but not limited to, services as an investment advisor, custodian, transfer agent, registrar, sponsor, distributor, manager or otherwise, and is receiving reasonable compensation for those services, does not preclude such bank or trust company from investing or reinvesting in mutual funds which are the securities of the open-end or closed-end management investment trust registered under the Investment Company Act of 1940 (15 U.S.C. Section 80a-1, et seq.), as amended. Such bank or trust company or affiliate thereof is entitled to receive fiduciary fees with respect to such assets. For such services the bank or trust company or affiliate thereof shall also be entitled to the normal fiduciary fee.(c) A bank or trust company qualified and acting in a fiduciary capacity in this state may, in the exercise of its investment discretion or at the direction of another person authorized to direct investment of funds held by the bank or trust company as fiduciary, invest and reinvest trust assets in time deposits, including certificates of deposit, of the bank or trust company in accordance with the provisions of subdivision (f), section two of this article: Provided, That such investments are authorized by the governing fiduciary instrument.
WV Code § 44-6-10 (2021)
2021 West Virginia Code|Chapter 44. Administration of Estates and Trusts|Article 6. Investments by Fiduciaries|§44-6-10. Purchase of Service or Product Through or Directly From Bank or Trust Company or Affiliate

(a) A bank or trust company acting in any fiduciary capacity, including, but not limited to, the capacities described in this article, may purchase any service or product, including, but not limited to, insurance or securities: underwritten or otherwise distributed by the bank, the trust company or by an affiliate; through or directly from the bank, the trust company or an affiliate; or from a syndicate or selling group that includes the bank, the trust company or an affiliate: Provided, That the purchase is otherwise prudent under article six-c of this chapter; the compensation for the service or product is reasonable; and the transaction is not prohibited by the instrument governing the fiduciary relationship. The compensation charged for the service or product may be in addition to the compensation that the bank or trust company is otherwise entitled to receive from the fiduciary account.(b) A bank or trust company shall disclose at least annually any purchase authorized by this section that was made by the bank or trust company during that reporting period. The disclosure shall be given, in writing or electronically, to all persons entitled to receive statements of account activity. The disclosure shall include a description of any capacities in which the bank or trust company or an affiliate acts for the issuer of the securities or the provider of the products or services and a declaration of the fact that the bank or trust company or an affiliate may have an interest in the products or services.(c) This section applies to the purchase of securities made at the time of the initial offering of the securities or at any time thereafter.
WV Code § 44-6-11 (2021)
2021 West Virginia Code|Chapter 44. Administration of Estates and Trusts|Article 6. Investments by Fiduciaries|§44-6-11. Application Only to Executors, Administrators, Guardians, Curators or Committees

The provisions of this article apply only to executors, administrators, guardians, curators or committees, as the case may be, and do not apply to or affect trustees who are governed by the provisions of the West Virginia Uniform Prudent Investor Act in article six-c of this chapter and the West Virginia Uniform Trust Code in chapter forty-four-d of this code.
WV Code § 44-6A-1 (2021)
2021 West Virginia Code|Chapter 44. Administration of Estates and Trusts|Article 6A. Uniform Management of Institutional Funds Act|§44-6A-1. Short Title

This article may be cited as the "Uniform Prudent Management of Institutional Funds Act".
WV Code § 44-6A-4 (2021)
2021 West Virginia Code|Chapter 44. Administration of Estates and Trusts|Article 6A. Uniform Management of Institutional Funds Act|§44-6A-4. Appropriation for Expenditure or Accumulation of Endowment Fund; Rules of Construction

(a) Subject to the intent of a donor expressed in the gift instrument, an institution may appropriate for expenditure or accumulate so much of an endowment fund as the institution determines is prudent for the uses, benefits, purposes, and duration for which the endowment fund is established. This section does not limit the authority of the institution to expend funds as permitted under other law, the terms of the gift instrument, or the charter of the institution. Unless stated otherwise in the gift instrument, the assets in an endowment fund are donor-restricted assets (regardless of their treatment for accounting purposes) until appropriated for expenditure by the institution. In making a determination to appropriate or accumulate, the institution shall act in good faith, with the care that an ordinarily prudent person in a like position would exercise under similar circumstances, and shall consider, if relevant, the following factors:(1) The duration and preservation of the endowment fund;(2) The purposes of the institution and the endowment fund;(3) General economic conditions;(4) The possible effect of inflation or deflation;(5) The expected total return from income and the appreciation of investments;(6) Other resources of the institution; and(7) The investment policy of the institution.(b) To limit the authority to appropriate for expenditure or accumulate under subsection (a), a gift instrument must specifically state the limitation.(c) Terms in a gift instrument designating a gift as an endowment, or a direction or authorization in the gift instrument to use only "income", "interest", "dividends", or "rents, issues, or profits", or "to preserve the principal intact", or words of similar import:(1) Create an endowment fund of permanent duration unless other language in the gift instrument limits the duration or purpose of the fund; and(2) Do not otherwise limit the authority to appropriate for expenditure or accumulate under subsection (a).
WV Code § 44-6A-5 (2021)
2021 West Virginia Code|Chapter 44. Administration of Estates and Trusts|Article 6A. Uniform Management of Institutional Funds Act|§44-6A-5. Delegation of Management and Investment Functions

(a) Subject to any specific limitation set forth in a gift instrument or in law other than this article, an institution may delegate to an external agent the management and investment of an institutional fund to the extent that an institution could prudently delegate under the circumstances. An institution shall act in good faith, with the care that an ordinarily prudent person in a like position would exercise under similar circumstances, in: (1) Selecting an agent;(2) Establishing the scope and terms of the delegation, consistent with the purposes of the institution and the institutional fund; and(3) Periodically reviewing the agent's actions in order to monitor the agent's performance and compliance with the scope and terms of the delegation.(b) In performing a delegated function, an agent owes a duty to the institution to exercise reasonable care to comply with the scope and terms of the delegation.(c) An institution that complies with subsection (a) is not liable for the decisions or actions of an agent to which the function was delegated.(d) By accepting delegation of a management or investment function from an institution that is subject to the laws of this state, an agent submits to the jurisdiction of the courts of this state in all proceedings arising from or related to the delegation or the performance of the delegated function.(e) An institution may delegate management and investment functions to its committees, officers, or employees as authorized by law of this state other than this article.
WV Code § 44-6A-7 (2021)
2021 West Virginia Code|Chapter 44. Administration of Estates and Trusts|Article 6A. Uniform Management of Institutional Funds Act|§44-6A-7. Reviewing Compliance

Compliance with this article is determined in light of the facts and circumstances existing at the time a decision is made or action is taken, and not by hindsight.
WV Code § 44-6A-8 (2021)
2021 West Virginia Code|Chapter 44. Administration of Estates and Trusts|Article 6A. Uniform Management of Institutional Funds Act|§44-6A-8. Application to Existing Institutional Funds

This article applies to institutional funds existing on or established after the effective date of this article. As applied to institutional funds existing on the effective date of this article, this article governs only decisions made or actions taken on or after that date.
WV Code § 44-6A-9 (2021)
2021 West Virginia Code|Chapter 44. Administration of Estates and Trusts|Article 6A. Uniform Management of Institutional Funds Act|§44-6A-9. Relation to Electronic Signatures in Global and National Commerce Act

This article modifies, limits, and supersedes the Electronic Signatures in Global and National Commerce Act, 15 U. S. C. Section 7001 et seq., but does not modify, limit, or supersede Section 101 of that act, 15 U. S. C. Section 7001(a), or authorize electronic delivery of any of the notices described in Section 103 of that act, 15 U. S. C. Section 7003(b).
WV Code § 44-6A-10 (2021)
2021 West Virginia Code|Chapter 44. Administration of Estates and Trusts|Article 6A. Uniform Management of Institutional Funds Act|§44-6A-10. Uniformity of Application and Construction

In applying and construing this uniform act, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it.
WV Code § 44-6B-1 (2021)
2021 West Virginia Code|Chapter 44. Administration of Estates and Trusts|Article 6B. West Virginia Trust Fund|§44-6B-1. To 44-6b-12

Repealed.Acts, 1997 Reg. Sess., Ch. 95.
WV Code § 44-6C-1 (2021)
2021 West Virginia Code|Chapter 44. Administration of Estates and Trusts|Article 6C. Uniform Prudent Investor Act|§44-6C-1. Prudent Investor Rule

(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 this article.(b) The prudent investor rule, a default rule, may be expanded, restricted, eliminated or otherwise altered by the provisions of a trust instrument. A trustee is not liable to a beneficiary to the extent that the trustee acted in reasonable reliance on the provisions of the trust instrument.
WV Code § 44-6C-2 (2021)
2021 West Virginia Code|Chapter 44. Administration of Estates and Trusts|Article 6C. Uniform Prudent Investor Act|§44-6C-2. Standard of Care; Portfolio Strategy; Risk and Return Objectives

(a) A trustee shall invest and manage trust assets as a prudent investor would, by considering the purposes, terms, distribution requirements and other circumstances of the trust. In satisfying this standard, the trustee shall exercise reasonable care, skill and caution.(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 such of the following as are relevant to the trust or its beneficiaries:(1) General economic conditions;(2) The possible effect of inflation or deflation;(3) The expected tax consequences of investment decisions or strategies;(4) The role that each investment or course of action plays within the overall trust portfolio, which may include financial assets, interests in closely held enterprises, tangible and intangible personal property and real property;(5) The expected total return from income and the appreciation of capital;(6) Other resources of the beneficiaries;(7) Needs for liquidity, regularity of income and preservation or appreciation of capital; and(8) An asset’s special relationship or special value, if any, to the purposes of the trust or to one or more of the beneficiaries.(d) A trustee shall make a reasonable effort to verify facts relevant to the investment and management of trust assets.(e) A trustee may invest in any kind of property or type of investment consistent with the standards of this article.(f) A trustee who has special skills or expertise, or is named trustee in reliance upon the trustee’s representation that the trustee has special skills or expertise, has a duty to use those special skills or expertise.(g) (1) Unless otherwise directed by the terms of the trust instrument, the duties of a trustee of an irrevocable life insurance trust with respect to acquiring or retaining a contract of insurance upon the life of the grantor, or the lives of the grantor and the grantor’s spouse, do not include a duty:(A) To determine whether the contract is or remains a proper investment;(B) To exercise policy options available under the contract in the event the policy lapses or is terminated due to failure to pay premiums; or(C) To diversify the contract.(2) A trustee is not liable to the beneficiaries of the trust or to any other party for any loss arising from the absence of those duties upon the trustee.
WV Code § 44-6C-3 (2021)
2021 West Virginia Code|Chapter 44. Administration of Estates and Trusts|Article 6C. Uniform Prudent Investor Act|§44-6C-3. Diversification

A trustee shall diversify the investments of the trust unless the trustee reasonably determines that, because of special circumstances, the purposes of the trust are better served without diversifying.
WV Code § 44-6C-4 (2021)
2021 West Virginia Code|Chapter 44. Administration of Estates and Trusts|Article 6C. Uniform Prudent Investor Act|§44-6C-4. Duties at Inception of Trusteeship

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 this article.
WV Code § 44-6C-5 (2021)
2021 West Virginia Code|Chapter 44. Administration of Estates and Trusts|Article 6C. Uniform Prudent Investor Act|§44-6C-5. Loyalty

A trustee shall invest and manage the trust assets solely in the interest of the beneficiaries.
WV Code § 44-6C-6 (2021)
2021 West Virginia Code|Chapter 44. Administration of Estates and Trusts|Article 6C. Uniform Prudent Investor Act|§44-6C-6. Impartiality

If a trust has two or more beneficiaries, the trustee shall act impartially in investing and managing the trust assets, taking into account any differing interests of the beneficiaries.
WV Code § 44-6C-7 (2021)
2021 West Virginia Code|Chapter 44. Administration of Estates and Trusts|Article 6C. Uniform Prudent Investor Act|§44-6C-7. Investment Costs

In investing and managing trust assets, a trustee may only incur costs that are appropriate and reasonable in relation to the assets, the purposes of the trust and the skills of the trustee.
WV Code § 44-6C-8 (2021)
2021 West Virginia Code|Chapter 44. Administration of Estates and Trusts|Article 6C. Uniform Prudent Investor Act|§44-6C-8. Reviewing Compliance

Compliance with the prudent investor rule is determined in light of the facts and circumstances existing at the time of a trustee’s decision or action and not by hindsight.
WV Code § 44-6C-9 (2021)
2021 West Virginia Code|Chapter 44. Administration of Estates and Trusts|Article 6C. Uniform Prudent Investor Act|§44-6C-9. Delegation of Investment and Management Functions

(a) A trustee may delegate investment and management functions that a prudent trustee of comparable skills could properly delegate under the circumstances. The trustee shall exercise reasonable care, skill and caution in:(1) Selecting an agent;(2) Establishing the scope and terms of the delegation, consistent with the purposes and terms of the trust; and(3) Periodically reviewing the agent’s actions in order to monitor the agent’s performance and compliance with the terms of the delegation.(b) In performing a delegated function, an agent owes a duty to the trust to exercise reasonable care to comply with the terms of the delegation.(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 law of this state, an agent submits to the jurisdiction of the courts of this state(e) The delegating trustee is not responsible for the decisions, actions or inactions of the trustee to whom those duties and powers have been delegated if the delegating trustee has exercised reasonable care, skill and caution in establishing the scope and specific terms of the delegation and in reviewing periodically the performance of the trustee to whom the duties and powers have been delegated and the trustee's compliance with the scope and specific terms of the delegation.
WV Code § 44-6C-10 (2021)
2021 West Virginia Code|Chapter 44. Administration of Estates and Trusts|Article 6C. Uniform Prudent Investor Act|§44-6C-10. Language Invoking Standard of Article

The following terms or comparable language in the provisions of a trust, unless otherwise limited or modified, authorizes any investment or strategy permitted under this article: “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”.
WV Code § 44-6C-11 (2021)
2021 West Virginia Code|Chapter 44. Administration of Estates and Trusts|Article 6C. Uniform Prudent Investor Act|§44-6C-11. Application to Existing Trusts

This article applies to trusts existing on and created after its effective date. As applied to trusts existing on its effective date, this article governs only decisions or actions occurring after that date.
WV Code § 44-6C-12 (2021)
2021 West Virginia Code|Chapter 44. Administration of Estates and Trusts|Article 6C. Uniform Prudent Investor Act|§44-6C-12. Uniformity of Application and Construction

This article shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this article among the states enacting it.
WV Code § 44-6C-13 (2021)
2021 West Virginia Code|Chapter 44. Administration of Estates and Trusts|Article 6C. Uniform Prudent Investor Act|§44-6C-13. Short Title

This article may be cited as the “West Virginia Uniform Prudent Investor Act”.
WV Code § 44-6C-14 (2021)
2021 West Virginia Code|Chapter 44. Administration of Estates and Trusts|Article 6C. Uniform Prudent Investor Act|§44-6C-14. Severability

If any provision of this article or its application to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of this article which can be given effect without the invalid provision or application, and to this end the provisions of this article are severable.
WV Code § 44-6C-15 (2021)
2021 West Virginia Code|Chapter 44. Administration of Estates and Trusts|Article 6C. Uniform Prudent Investor Act|§44-6C-15. Effective Date

This article takes effect on July 1, 1996.
WV Code § 44-7-1 (2021)
2021 West Virginia Code|Chapter 44. Administration of Estates and Trusts|Article 7. Resignation of Fiduciaries and Procedure Upon Resignation|§44-7-1. Fiduciary Desiring to Resign to File Petition; Summons Thereon

A personal representative or curator desiring to resign his or her trust, may file his or her petition for that purpose in the county commission of the county in which he or she was appointed, stating the names of all persons, so far as known by him or her, interested in the estate in his or her hands or under his or her control, and to which his or her duties as fiduciary relate, and if any of them are under disability, or nonresidents of the state; or if there are persons interested in the estate whose names are unknown, all of these facts, and the names of the guardians and committees of the persons under disability, if there are guardians or committees, shall be stated in the petition. Upon the filing of the petition the clerk of the court shall issue a summons against all the persons so named and the guardians and the committees of those under disability, if they have any, and against “the unknown parties in interest”, if any there are, mentioned in the petition, to appear before the court on a day to be named in the summons, which day may be not less than thirty days from the filing of the petition, and answer the petition, and state to the court the reasons, if any they have, why the petition should not be granted. If any of the persons interested reside in another county in this state, the summons as to them shall be directed and sent by mail by the clerk to the sheriff of that county to be served and returned by him or her; and as to the persons named in the petition who reside out of this state, or who cannot by the use of due diligence be found, and as to the unknown parties, an order of publication shall be awarded against them, which shall be published or posted and published, as in cases of appointment and qualification of personal representatives.
WV Code § 44-7-2 (2021)
2021 West Virginia Code|Chapter 44. Administration of Estates and Trusts|Article 7. Resignation of Fiduciaries and Procedure Upon Resignation|§44-7-2. Copy of Petition and Summons to Be Served on Fiduciary Commissioner

Such fiduciary as is mentioned in the preceding section shall cause to be served, on the fiduciary commissioner whom the county commissioner shall designate, a copy of his petition and a copy of the summons issued thereon, at least ten days before the return day of the summons. The fiduciary commissioner shall investigate the records of the county commission to see if such fiduciary has rendered such inventories, appraisements and accounts as the law requires, and whether any further accounts should be required of him and on or before the return day certify the facts relating to such matters to the county commission. For making such investigation and certificate the fiduciary commissioner shall be allowed a fee of not less than $1, nor more than $10, as the commission may direct, to be charged and collected as other costs on such petition.