reglab/housing_qa huggingface dataset:
MS Code § 91-9-601 (2020)
2020 Mississippi Code|Title 91 - Trusts and Estates|Chapter 9 - Trusts and Trustees|Article 13 - Uniform Prudent Investor Act|§ 91-9-601. Prudent investor rule

 Except as otherwise provided in subsection (b), 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.   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.
MS Code § 91-9-603 (2020)
2020 Mississippi Code|Title 91 - Trusts and Estates|Chapter 9 - Trusts and Trustees|Article 13 - Uniform Prudent Investor Act|§ 91-9-603. Standard of care; portfolio strategy; risk and return

 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.   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.   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:    General economic conditions;   The possible effect of inflation or deflation;   The expected tax consequences of investment decisions or strategies;   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;   The expected total return from income and the appreciation of capital;   Other resources of the beneficiaries;   Needs for liquidity, regularity of income, and preservation or appreciation of capital; and   An asset's special relationship or special value, if any, to the purposes of the trust or to one or more of the beneficiaries.    A trustee shall make a reasonable effort to verify facts relevant to the investment and management of trust assets.   A trustee may invest in any kind of property or type of investment consistent with the standards of this article.   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.
MS Code § 91-9-605 (2020)
2020 Mississippi Code|Title 91 - Trusts and Estates|Chapter 9 - Trusts and Trustees|Article 13 - Uniform Prudent Investor Act|§ 91-9-605. 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.
MS Code § 91-9-607 (2020)
2020 Mississippi Code|Title 91 - Trusts and Estates|Chapter 9 - Trusts and Trustees|Article 13 - Uniform Prudent Investor Act|§ 91-9-607. 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.
MS Code § 91-9-609 (2020)
2020 Mississippi Code|Title 91 - Trusts and Estates|Chapter 9 - Trusts and Trustees|Article 13 - Uniform Prudent Investor Act|§ 91-9-609. Loyalty

 A trustee shall invest and manage the trust assets solely in the interest of the beneficiaries.
MS Code § 91-9-611 (2020)
2020 Mississippi Code|Title 91 - Trusts and Estates|Chapter 9 - Trusts and Trustees|Article 13 - Uniform Prudent Investor Act|§ 91-9-611. Impartiality

 If a trust has two (2) or more beneficiaries, the trustee shall act impartially in investing and managing the trust assets, taking into account any differing interests of the beneficiaries.
MS Code § 91-9-613 (2020)
2020 Mississippi Code|Title 91 - Trusts and Estates|Chapter 9 - Trusts and Trustees|Article 13 - Uniform Prudent Investor Act|§ 91-9-613. 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.
MS Code § 91-9-615 (2020)
2020 Mississippi Code|Title 91 - Trusts and Estates|Chapter 9 - Trusts and Trustees|Article 13 - Uniform Prudent Investor Act|§ 91-9-615. 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.
MS Code § 91-9-617 (2020)
2020 Mississippi Code|Title 91 - Trusts and Estates|Chapter 9 - Trusts and Trustees|Article 13 - Uniform Prudent Investor Act|§ 91-9-617. Delegation of investment and management

 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:    Selecting an agent;   Establishing the scope and terms of the delegation, consistent with the purposes and terms of the trust; and   Periodically reviewing the agent's actions in order to monitor the agent's performance and compliance with the terms of the delegation.    The investment agent shall comply with the scope and terms of the delegation and shall exercise the delegated function with reasonable care, skill and caution and shall be liable to the trust for failure to do so. An investment agent who represents that he has special investment skills shall exercise those skills.   A trustee who complies with the requirements of subsection (a) is not liable to the beneficiaries or to the trust for the decisions or actions of the agent to whom the function was delegated.   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.   A cofiduciary may delegate investment and management functions to another cofiduciary if the delegating cofiduciary reasonably believes that the other cofiduciary has greater investment skills than the delegating cofiduciary with respect to those functions. The delegating cofiduciary shall not be responsible for the investment decisions or actions of the other cofiduciary to which the investment functions are delegated if the delegating cofiduciary exercises reasonable care, skill and caution in establishing the scope and specific terms of the delegation and in reviewing periodically the other cofiduciary's actions in order to monitor the cofiduciary's performance and compliance with the scope and specific terms of the delegation.   Investment in a mutual fund is not a delegation of investment function, and neither the mutual fund nor its advisor is an investment agent.
MS Code § 91-9-619 (2020)
2020 Mississippi Code|Title 91 - Trusts and Estates|Chapter 9 - Trusts and Trustees|Article 13 - Uniform Prudent Investor Act|§ 91-9-619. 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."
MS Code § 91-9-621 (2020)
2020 Mississippi Code|Title 91 - Trusts and Estates|Chapter 9 - Trusts and Trustees|Article 13 - Uniform Prudent Investor Act|§ 91-9-621. 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.
MS Code § 91-9-623 (2020)
2020 Mississippi Code|Title 91 - Trusts and Estates|Chapter 9 - Trusts and Trustees|Article 13 - Uniform Prudent Investor Act|§ 91-9-623. 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.
MS Code § 91-9-625 (2020)
2020 Mississippi Code|Title 91 - Trusts and Estates|Chapter 9 - Trusts and Trustees|Article 13 - Uniform Prudent Investor Act|§ 91-9-625. Short title

 Sections 91-9-601 through 91-9-627 may be cited as the "Mississippi Uniform Prudent Investor Act."
MS Code § 91-9-627 (2020)
2020 Mississippi Code|Title 91 - Trusts and Estates|Chapter 9 - Trusts and Trustees|Article 13 - Uniform Prudent Investor Act|§ 91-9-627. 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.
MS Code § 91-9-701 (2020)
2020 Mississippi Code|Title 91 - Trusts and Estates|Chapter 9 - Trusts and Trustees|Article 15 - Mississippi Qualified Disposition in Trust Act|§ 91-9-701. Short title

 This article shall be known and may be cited as the Mississippi Qualified Disposition in Trust Act.
MS Code § 91-9-705 (2020)
2020 Mississippi Code|Title 91 - Trusts and Estates|Chapter 9 - Trusts and Trustees|Article 15 - Mississippi Qualified Disposition in Trust Act|§ 91-9-705. Qualified affidavit; contents

 A qualified affidavit shall state that:   The transferor has full right, title, and authority to transfer the assets to the trust;   The transfer of the assets to the trust will not render the transferor insolvent;   The transferor does not intend to defraud a creditor by transferring the assets to the trust;   The transferor does not have any pending or threatened court actions against the transferor, except for those court actions identified by the transferor on an attachment to the affidavit;   The transferor is not involved in any administrative proceedings, except for those administrative proceedings identified on an attachment to the affidavit;   The transferor does not contemplate filing for relief under the provisions of the federal bankruptcy code;   The assets being transferred to the trust were not derived from unlawful activities; and   The transferor is a named insured of a general liability insurance policy and, if applicable, a professional liability insurance policy, with policy limits of at least One Million Dollars ($1,000,000.00) for each respective policy.
MS Code § 91-9-709 (2020)
2020 Mississippi Code|Title 91 - Trusts and Estates|Chapter 9 - Trusts and Trustees|Article 15 - Mississippi Qualified Disposition in Trust Act|§ 91-9-709. Transferor's powers and rights

 A transferor shall have only the powers and rights conferred by the qualified disposition trust. The powers and rights conferred by the qualified disposition trust upon the transferor are personal powers and rights that may not be exercised by a creditor or any other person, except as expressly permitted by the trust. Except as permitted by Sections 91-9-717 and 91-9-721, the transferor shall have no rights or authority with respect to the corpus of the trust or the income from the trust, and any agreement or understanding purporting to grant or permit the retention of any greater rights or authority shall be void.
MS Code § 91-9-711 (2020)
2020 Mississippi Code|Title 91 - Trusts and Estates|Chapter 9 - Trusts and Trustees|Article 15 - Mississippi Qualified Disposition in Trust Act|§ 91-9-711. Avoidance of qualified disposition

 A qualified disposition shall be avoided only to the extent necessary to satisfy the transferor's debt to the creditor at whose instance the disposition had been avoided, together with costs, including attorneys' fees, that the court may allow.   In the event any qualified disposition shall be avoided as provided in subsection (a), then:    If the court is satisfied that a qualified trustee has not acted in bad faith in accepting or administering the property that is the subject of the qualified disposition:   If the court is satisfied that a beneficiary of a trust has not acted in bad faith, the avoidance of the qualified disposition shall be subject to the right of the beneficiary to retain any distribution made upon the exercise of a trust power or discretion vested in the qualified trustee or qualified trustees, which power or discretion was properly exercised prior to the creditor's commencement of an action to avoid the qualified disposition. For purposes of this subsection (b)(2), it shall be presumed that the beneficiary, including a beneficiary who is also a transferor of the trust, did not act in bad faith merely by creating the trust or by accepting a distribution made in accordance with the terms of the trust.    The qualified trustee shall have a first and paramount lien against the property that is the subject of the qualified disposition in an amount equal to the entire cost, including attorneys' fees, properly incurred by the qualified trustee in the defense of the action or proceedings to avoid the qualified disposition;   The qualified disposition shall be avoided subject to the proper fees, costs, preexisting rights, claims and interests of the qualified trustee and of any predecessor qualified trustee that has not acted in bad faith; and   For purposes of this subsection (b)(1), it shall be presumed that the qualified trustee did not act in bad faith merely by accepting the property; and   A disposition by a trustee that is not a qualified trustee to a trustee that is a qualified trustee shall not be treated as other than a qualified disposition solely because the trust instrument fails to meet the requirements of Section 91-9-703(n)(1).   In the case of a disposition to more than one (1) trustee, a disposition that is otherwise a qualified disposition shall not be treated as other than a qualified disposition solely because not all of the recipient trustees are qualified trustees.
MS Code § 91-9-713 (2020)
2020 Mississippi Code|Title 91 - Trusts and Estates|Chapter 9 - Trusts and Trustees|Article 15 - Mississippi Qualified Disposition in Trust Act|§ 91-9-713. Spendthrift restriction

 A spendthrift provision as described in Section 91-9-703(n)(3) shall be deemed to be a restriction on the transfer of the transferor's beneficial interest in the trust that is enforceable under applicable nonbankruptcy law within the meaning of Section 541(c)(2) of the Bankruptcy Code, codified in 11 USCS, Section 541(c)(2), or any successor provision.
MS Code § 91-9-715 (2020)
2020 Mississippi Code|Title 91 - Trusts and Estates|Chapter 9 - Trusts and Trustees|Article 15 - Mississippi Qualified Disposition in Trust Act|§ 91-9-715. Qualified trustees; advisors

 For purposes of this article, neither the transferor nor any other natural person who is a nonresident of this state nor an entity that is not authorized by the law of this state to act as a trustee or whose activities are not subject to supervision as provided in Section 91-9-703(k)(1) shall be considered a qualified trustee; however, nothing in this article shall preclude a transferor from appointing one (1) or more advisors, including, but not limited to:    Advisors who have authority under the terms of the trust instrument to remove and appoint qualified trustees or trust advisors;   Advisors who have authority under the terms of the trust instrument to direct, consent to or disapprove distributions from the trust; and   Investment advisors, whether or not the advisors would meet the requirements imposed by Section 91-9-703(k).    For purposes of subsection (a), "advisor" includes a trust "protector" or any other person who, in addition to a qualified trustee, holds one or more trust powers.
MS Code § 91-9-717 (2020)
2020 Mississippi Code|Title 91 - Trusts and Estates|Chapter 9 - Trusts and Trustees|Article 15 - Mississippi Qualified Disposition in Trust Act|§ 91-9-717. Investment advisors; service

 A person may serve as an investment advisor notwithstanding that the person is the transferor of the qualified disposition, but the person may not otherwise serve as advisor to a trust that is a qualified disposition trust except with respect to the retention of the veto right permitted by Section 91-9-721(a).
MS Code § 91-9-719 (2020)
2020 Mississippi Code|Title 91 - Trusts and Estates|Chapter 9 - Trusts and Trustees|Article 15 - Mississippi Qualified Disposition in Trust Act|§ 91-9-719. Failure to meet requirements; qualified trustees

 If a qualified trustee of a qualified disposition trust ceases to meet the requirements of Section 91-9-703(k)(1), and there remains no trustee that meets the requirements, the qualified trustee shall be deemed to have resigned as of the time of that cessation, and thereupon the successor qualified trustee provided for in the qualified disposition trust shall become a qualified trustee of the qualified disposition trust, or in the absence of any successor qualified trustee provided for in the qualified disposition trust, then a court of this state shall, upon application of any interested party, appoint a successor qualified trustee.
MS Code § 91-9-723 (2020)
2020 Mississippi Code|Title 91 - Trusts and Estates|Chapter 9 - Trusts and Trustees|Article 15 - Mississippi Qualified Disposition in Trust Act|§ 91-9-723. Application of article

 This article shall apply to qualified dispositions and dispositions by transferors who are trustees made on or after July 1, 2014.
MS Code § 91-17-101 (2020)
2020 Mississippi Code|Title 91 - Trusts and Estates|Chapter 17 - Mississippi Principal and Income Act of 2013|Article 1 - Definitions and Fiduciary Duties|§ 91-17-101. Short title

 This chapter may be cited as the Mississippi Principal and Income Act of 2013.
MS Code § 91-17-102 (2020)
2020 Mississippi Code|Title 91 - Trusts and Estates|Chapter 17 - Mississippi Principal and Income Act of 2013|Article 1 - Definitions and Fiduciary Duties|§ 91-17-102. Definitions

 In this chapter:    "Accounting period" means a calendar year unless another twelve-month period is selected by a fiduciary. The term includes a portion of a calendar year or other twelve-month period that begins when an income interest begins or ends when an income interest ends.   "Beneficiary" includes, in the case of a decedent's estate, an heir, legatee, and devisee and, in the case of a trust, an income beneficiary and a remainder beneficiary.   "Fiduciary" means a personal representative or a trustee. The term includes an executor, administrator, successor personal representative, special administrator, and a person performing substantially the same function.   "Income" means money or property that a fiduciary receives as current return from a principal asset. The term includes a portion of receipts from a sale, exchange, or liquidation of a principal asset, to the extent provided in Article 4.   "Income beneficiary" means a person to whom net income of a trust is or may be payable.   "Income interest" means the right of an income beneficiary to receive all or part of net income, whether the terms of the trust require it to be distributed or authorize it to be distributed in the trustee's discretion.   "Mandatory income interest" means the right of an income beneficiary to receive net income that the terms of the trust require the fiduciary to distribute.   "Net income" means the total receipts allocated to income during an accounting period minus the disbursements made from income during the period, plus or minus transfers under this chapter to or from income during the period.   "Person" means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, government; governmental subdivision, agency, or instrumentality; public corporation, or any other legal or commercial entity.   "Principal" means property held in trust for distribution to a remainder beneficiary when the trust terminates.   "Remainder beneficiary" means a person entitled to receive principal when an income interest ends.   "Terms of a trust" means the manifestation of the intent of a settlor or decedent with respect to the trust, expressed in a manner that admits of its proof in a judicial proceeding, whether by written or spoken words or by conduct.   "Trustee" includes an original, additional, or successor trustee, whether or not appointed or confirmed by a court.
MS Code § 91-17-103 (2020)
2020 Mississippi Code|Title 91 - Trusts and Estates|Chapter 17 - Mississippi Principal and Income Act of 2013|Article 1 - Definitions and Fiduciary Duties|§ 91-17-103. Fiduciary duties; general principles

 In allocating receipts and disbursements to or between principal and income, and with respect to any matter within the scope of Articles 2 and 3, a fiduciary:    Shall administer a trust or estate in accordance with the terms of the trust or the will, even if there is a different provision in this chapter;   May administer a trust or estate by the exercise of a discretionary power of administration given to the fiduciary by the terms of the trust or the will, even if the exercise of the power produces a result different from a result required or permitted by this chapter;   Shall administer a trust or estate in accordance with this chapter if the terms of the trust or the will do not contain a different provision or do not give the fiduciary a discretionary power of administration; and   Shall add a receipt or charge a disbursement to principal to the extent that the terms of the trust and this chapter do not provide a rule for allocating the receipt or disbursement to or between principal and income.    In exercising the power to adjust under Section 91-17-104(a) or a discretionary power of administration regarding a matter within the scope of this chapter, whether granted by the terms of a trust, a will, or this chapter, a fiduciary shall administer a trust or estate impartially, based on what is fair and reasonable to all of the beneficiaries, except to the extent that the terms of the trust or the will clearly manifest an intention that the fiduciary shall or may favor one or more of the beneficiaries. A determination in accordance with this chapter is presumed to be fair and reasonable to all of the beneficiaries.