reglab/statecodes huggingface dataset:
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 9 - TRUSTS AND TRUSTEES (§§ 91-9-1 — 91-9-723) › Article 11 - FAMILY TRUST PRESERVATION ACT OF 1998 (§§ 91-9-501 — 91-9-511) › Section 91-9-503 - [Repealed]

Repealed by Laws, 2020, ch. 406, SB 2851,§ 89, eff. 7/1/2020.
Amended by Laws, 2016, ch. 396, SB 2211, 12, eff. 7/1/2014.
Amended by Laws, 2014, ch. 513, HB 846, 13, eff. 7/1/2014.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 9 - TRUSTS AND TRUSTEES (§§ 91-9-1 — 91-9-723) › Article 11 - FAMILY TRUST PRESERVATION ACT OF 1998 (§§ 91-9-501 — 91-9-511) › Section 91-9-505 - [Repealed]

Repealed by Laws, 2020, ch. 406, SB 2851,§ 89, eff. 7/1/2020.
Amended by Laws, 2016, ch. 396, SB 2211, 13, eff. 7/1/2014.
Amended by Laws, 2014, ch. 513, HB 846, 14, eff. 7/1/2014.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 9 - TRUSTS AND TRUSTEES (§§ 91-9-1 — 91-9-723) › Article 11 - FAMILY TRUST PRESERVATION ACT OF 1998 (§§ 91-9-501 — 91-9-511) › Section 91-9-507 - [Repealed]

Repealed by Laws, 2020, ch. 406, SB 2851,§ 89, eff. 7/1/2020.
Amended by Laws, 2016, ch. 396, SB 2211, 14, eff. 7/1/2014.
Amended by Laws, 2014, ch. 513, HB 846, 15, eff. 7/1/2014.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 9 - TRUSTS AND TRUSTEES (§§ 91-9-1 — 91-9-723) › Article 11 - FAMILY TRUST PRESERVATION ACT OF 1998 (§§ 91-9-501 — 91-9-511) › Section 91-9-509 - [Repealed]

Repealed by Laws, 2020, ch. 406, SB 2851,§ 89, eff. 7/1/2020.
Added by Laws, 2016, ch. 396, SB 2211, 15, eff. 7/1/2014.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 9 - TRUSTS AND TRUSTEES (§§ 91-9-1 — 91-9-723) › Article 11 - FAMILY TRUST PRESERVATION ACT OF 1998 (§§ 91-9-501 — 91-9-511) › Section 91-9-511 - [Repealed]

Laws, 1998, ch. 460, § 6, eff. 3/23/1998.
Repealed by Laws, 2020, ch. 406, SB 2851,§ 89, eff. 7/1/2020.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 9 - TRUSTS AND TRUSTEES (§§ 91-9-1 — 91-9-723) › Article 13 - UNIFORM PRUDENT INVESTOR ACT (§§ 91-9-601 — 91-9-627) › Section 91-9-601 - Prudent investor rule

(a)
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.
(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.
Laws, 2006, ch. 474, § 1, eff. 7/1/2006.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 9 - TRUSTS AND TRUSTEES (§§ 91-9-1 — 91-9-723) › Article 13 - UNIFORM PRUDENT INVESTOR ACT (§§ 91-9-601 — 91-9-627) › Section 91-9-603 - Standard of care; portfolio strategy; risk and return

(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.
Laws, 2006, ch. 474, § 2, eff. 7/1/2006.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 9 - TRUSTS AND TRUSTEES (§§ 91-9-1 — 91-9-723) › Article 13 - UNIFORM PRUDENT INVESTOR ACT (§§ 91-9-601 — 91-9-627) › Section 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.
Laws, 2006, ch. 474, § 3, eff. 7/1/2006.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 9 - TRUSTS AND TRUSTEES (§§ 91-9-1 — 91-9-723) › Article 13 - UNIFORM PRUDENT INVESTOR ACT (§§ 91-9-601 — 91-9-627) › Section 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.
Laws, 2006, ch. 474, § 4, eff. 7/1/2006.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 9 - TRUSTS AND TRUSTEES (§§ 91-9-1 — 91-9-723) › Article 13 - UNIFORM PRUDENT INVESTOR ACT (§§ 91-9-601 — 91-9-627) › Section 91-9-609 - Loyalty

A trustee shall invest and manage the trust assets solely in the interest of the beneficiaries.
Laws, 2006, ch. 474, § 5, eff. 7/1/2006.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 9 - TRUSTS AND TRUSTEES (§§ 91-9-1 — 91-9-723) › Article 13 - UNIFORM PRUDENT INVESTOR ACT (§§ 91-9-601 — 91-9-627) › Section 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.
Laws, 2006, ch. 474, § 6, eff. 7/1/2006.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 9 - TRUSTS AND TRUSTEES (§§ 91-9-1 — 91-9-723) › Article 13 - UNIFORM PRUDENT INVESTOR ACT (§§ 91-9-601 — 91-9-627) › Section 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.
Laws, 2006, ch. 474, § 7, eff. 7/1/2006.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 9 - TRUSTS AND TRUSTEES (§§ 91-9-1 — 91-9-723) › Article 13 - UNIFORM PRUDENT INVESTOR ACT (§§ 91-9-601 — 91-9-627) › Section 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.
Laws, 2006, ch. 474, § 8, eff. 7/1/2006.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 9 - TRUSTS AND TRUSTEES (§§ 91-9-1 — 91-9-723) › Article 13 - UNIFORM PRUDENT INVESTOR ACT (§§ 91-9-601 — 91-9-627) › Section 91-9-617 - Delegation of investment and management

(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)
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.
(c)
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.
(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)
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.
(f)
Investment in a mutual fund is not a delegation of investment function, and neither the mutual fund nor its advisor is an investment agent.
Laws, 2006, ch. 474, § 9, eff. 7/1/2006.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 9 - TRUSTS AND TRUSTEES (§§ 91-9-1 — 91-9-723) › Article 13 - UNIFORM PRUDENT INVESTOR ACT (§§ 91-9-601 — 91-9-627) › Section 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."
Laws, 2006, ch. 474, § 10, eff. 7/1/2006.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 9 - TRUSTS AND TRUSTEES (§§ 91-9-1 — 91-9-723) › Article 13 - UNIFORM PRUDENT INVESTOR ACT (§§ 91-9-601 — 91-9-627) › Section 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.
Laws, 2006, ch. 474, § 11, eff. 7/1/2006.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 9 - TRUSTS AND TRUSTEES (§§ 91-9-1 — 91-9-723) › Article 13 - UNIFORM PRUDENT INVESTOR ACT (§§ 91-9-601 — 91-9-627) › Section 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.
Laws, 2006, ch. 474, § 12, eff. 7/1/2006.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 9 - TRUSTS AND TRUSTEES (§§ 91-9-1 — 91-9-723) › Article 13 - UNIFORM PRUDENT INVESTOR ACT (§§ 91-9-601 — 91-9-627) › Section 91-9-625 - Short title

Sections
91-9-601
through
91-9-627
may be cited as the "Mississippi Uniform Prudent Investor Act."
Laws, 2006, ch. 474, § 13, eff. 7/1/2006.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 9 - TRUSTS AND TRUSTEES (§§ 91-9-1 — 91-9-723) › Article 13 - UNIFORM PRUDENT INVESTOR ACT (§§ 91-9-601 — 91-9-627) › Section 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.
Laws, 2006, ch. 474, § 14, eff. 7/1/2006.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 9 - TRUSTS AND TRUSTEES (§§ 91-9-1 — 91-9-723) › Article 15 - MISSISSIPPI QUALIFIED DISPOSITION IN TRUST ACT (§§ 91-9-701 — 91-9-723) › Section 91-9-701 - Short title

This article shall be known and may be cited as the Mississippi Qualified Disposition in Trust Act.
Added by Laws, 2014, ch. 513, HB 846, 1, eff. 7/1/2014.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 9 - TRUSTS AND TRUSTEES (§§ 91-9-1 — 91-9-723) › Article 15 - MISSISSIPPI QUALIFIED DISPOSITION IN TRUST ACT (§§ 91-9-701 — 91-9-723) › Section 91-9-705 - Qualified affidavit; contents

A qualified affidavit shall state that:
(a)
The transferor has full right, title, and authority to transfer the assets to the trust;
(b)
The transfer of the assets to the trust will not render the transferor insolvent;
(c)
The transferor does not intend to defraud a creditor by transferring the assets to the trust;
(d)
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;
(e)
The transferor is not involved in any administrative proceedings, except for those administrative proceedings identified on an attachment to the affidavit;
(f)
The transferor does not contemplate filing for relief under the provisions of the federal bankruptcy code;
(g)
The assets being transferred to the trust were not derived from unlawful activities; and
(h)
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.
Added by Laws, 2014, ch. 513, HB 846, 3, eff. 7/1/2014.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 9 - TRUSTS AND TRUSTEES (§§ 91-9-1 — 91-9-723) › Article 15 - MISSISSIPPI QUALIFIED DISPOSITION IN TRUST ACT (§§ 91-9-701 — 91-9-723) › Section 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.
Added by Laws, 2014, ch. 513, HB 846, 5, eff. 7/1/2014.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 9 - TRUSTS AND TRUSTEES (§§ 91-9-1 — 91-9-723) › Article 15 - MISSISSIPPI QUALIFIED DISPOSITION IN TRUST ACT (§§ 91-9-701 — 91-9-723) › Section 91-9-711 - Avoidance of qualified disposition

(a)
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.
(b)
In the event any qualified disposition shall be avoided as provided in subsection (a), then:
(1)
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:
(A)
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;
(B)
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
(C)
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
(2)
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.
(c)
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)
.
(d)
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.
Added by Laws, 2014, ch. 513, HB 846, 6, eff. 7/1/2014.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 9 - TRUSTS AND TRUSTEES (§§ 91-9-1 — 91-9-723) › Article 15 - MISSISSIPPI QUALIFIED DISPOSITION IN TRUST ACT (§§ 91-9-701 — 91-9-723) › Section 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.
Added by Laws, 2014, ch. 513, HB 846, 7, eff. 7/1/2014.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 9 - TRUSTS AND TRUSTEES (§§ 91-9-1 — 91-9-723) › Article 15 - MISSISSIPPI QUALIFIED DISPOSITION IN TRUST ACT (§§ 91-9-701 — 91-9-723) › Section 91-9-715 - Qualified trustees; advisors

(a)
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:
(1)
Advisors who have authority under the terms of the trust instrument to remove and appoint qualified trustees or trust advisors;
(2)
Advisors who have authority under the terms of the trust instrument to direct, consent to or disapprove distributions from the trust; and
(3)
Investment advisors, whether or not the advisors would meet the requirements imposed by Section
91-9-703(k)
.
(b)
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.
Added by Laws, 2014, ch. 513, HB 846, 8, eff. 7/1/2014.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 9 - TRUSTS AND TRUSTEES (§§ 91-9-1 — 91-9-723) › Article 15 - MISSISSIPPI QUALIFIED DISPOSITION IN TRUST ACT (§§ 91-9-701 — 91-9-723) › Section 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)
.
Added by Laws, 2014, ch. 513, HB 846, 9, eff. 7/1/2014.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 9 - TRUSTS AND TRUSTEES (§§ 91-9-1 — 91-9-723) › Article 15 - MISSISSIPPI QUALIFIED DISPOSITION IN TRUST ACT (§§ 91-9-701 — 91-9-723) › Section 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.
Added by Laws, 2014, ch. 513, HB 846, 10, eff. 7/1/2014.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 9 - TRUSTS AND TRUSTEES (§§ 91-9-1 — 91-9-723) › Article 15 - MISSISSIPPI QUALIFIED DISPOSITION IN TRUST ACT (§§ 91-9-701 — 91-9-723) › Section 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.
Added by Laws, 2014, ch. 513, HB 846, 12, eff. 7/1/2014.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 11 - FIDUCIARY SECURITY TRANSFERS (§§ 91-11-1 — 91-11-21) › Section 91-11-1 - Citation of chapter

This chapter may be cited as the Uniform Act for Simplification of Fiduciary Security Transfers.
Codes, 1942, § 5359-41; Laws, 1960, ch. 266, § 11, eff. 5/11/1960.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 11 - FIDUCIARY SECURITY TRANSFERS (§§ 91-11-1 — 91-11-21) › Section 91-11-3 - Definitions

In this chapter, unless the context otherwise requires:
(a)
"Assignment" includes any written stock power, bond power, bill of sale, deed, declaration of trust, or other instrument of transfer.
(b)
"Claim of beneficial interest" includes a claim of any interest by a decedent's legatee, distributee, heir, or creditor, a beneficiary under a trust, a ward, a beneficial owner of a security registered in the name of a nominee, a minor owner of a security registered in the name of a custodian, or a claim of any similar interest, whether the claim is asserted by the claimant or by a fiduciary or by any other authorized person on his behalf, and includes a claim that the transfer would be in breach of fiduciary duties.
(c)
"Corporation" means a private or public corporation, association, or trust issuing a security.
(d)
"Fiduciary" means an executor, administrator, trustee, guardian, committee, conservator, curator, tutor, custodian, or nominee.
(e)
"Person" includes an individual, a corporation, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, two or more persons having a joint or common interest, or any other legal or commercial entity.
(f)
"Security" includes any share of stock, bond, debenture, note, or other security issued by a corporation which is registered as to ownership on the books of the corporation.
(g)
"Transfer" means a change on the books of a corporation in the registered ownership of a security.
(h)
"Transfer agent" means a person employed or authorized by a corporation to transfer securities issued by the corporation.
Codes, 1942, § 5359-31; Laws, 1960, ch. 266, § 1, eff. 5/11/1960.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 11 - FIDUCIARY SECURITY TRANSFERS (§§ 91-11-1 — 91-11-21) › Section 91-11-5 - Registration in name of fiduciary

A corporation or transfer agent registering a security in the name of a person who is a fiduciary or who is described as a fiduciary is not bound to inquire into the existence, extent, or correct description of the fiduciary relationship. Thereafter the corporation and its transfer agent may assume without inquiry that the newly registered owner continues to be the fiduciary until the corporation or transfer agent receives written notice that the fiduciary is no longer acting as such with respect to the particular security.
Codes, 1942, § 5359-32; Laws, 1960, ch. 266, § 2, eff. 5/11/1960.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 11 - FIDUCIARY SECURITY TRANSFERS (§§ 91-11-1 — 91-11-21) › Section 91-11-7 - Assignment by fiduciary

Except as otherwise provided in this chapter, a corporation or transfer agent making a transfer of a security pursuant to an assignment by a fiduciary:
(a)
may assume without inquiry that the assignment, even though to the fiduciary himself or to his nominee, is within his authority and capacity and is not in breach of his fiduciary duties;
(b)
may assume without inquiry that the fiduciary has complied with any controlling instrument and with the law of the jurisdiction governing the fiduciary relationship, including any law requiring the fiduciary to obtain court approval of the transfer; and
(c)
is not charged with notice of and is not bound to obtain or examine any court record or any recorded or unrecorded document relating to the fiduciary relationship or the assignment, even though the record or document is in its possession.
Codes, 1942, § 5359-33; Laws, 1960, ch. 266, § 3, eff. 5/11/1960.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 11 - FIDUCIARY SECURITY TRANSFERS (§§ 91-11-1 — 91-11-21) › Section 91-11-9 - Evidence of appointment or incumbency

A corporation or transfer agent making a transfer pursuant to an assignment by a fiduciary who is not the registered owner shall obtain the following evidence of appointment or incumbency:
(a)
In the case of a fiduciary appointed or qualified by a court, a certificate issued by or under the direction or supervision of that court or an officer thereof and dated within sixty (60) days before the transfer; or
(b)
In any other case, a copy of a document showing the appointment or a certificate issued by or on behalf of a person reasonably believed by the corporation or transfer agent to be responsible or, in the absence of such document or certificate, other evidence reasonably deemed by the corporation or transfer agent to be appropriate. Corporations and transfer agents may adopt standards with respect to evidence of appointment or incumbency under this paragraph (b) provided such standards are not manifestly unreasonable. Neither the corporation nor transfer agent is charged with notice of the contents of any document obtained pursuant to this paragraph (b) except to the extent that the contents relate directly to the appointment or incumbency.
Codes, 1942, § 5359-34; Laws, 1960, ch. 266, § 4, eff. 5/11/1960.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 11 - FIDUCIARY SECURITY TRANSFERS (§§ 91-11-1 — 91-11-21) › Section 91-11-11 - Adverse claims

(1)
A person asserting a claim of beneficial interest adverse to the transfer of a security pursuant to an assignment by a fiduciary may give the corporation or transfer agent written notice of the claim. The corporation or transfer agent is not put on notice unless the written notice identifies the claimant, the registered owner, and the issue of which the security is a part, provides an address for communications directed to the claimant, and is received before the transfer. Nothing in this chapter relieves the corporation or transfer agent of any liability for making or refusing to make the transfer after it is so put on notice, unless it proceeds in the manner authorized in subsection (2).
(2)
As soon as practicable after the presentation of a security for transfer pursuant to an assignment by a fiduciary, a corporation or transfer agent which has received notice of a claim of beneficial interest adverse to the transfer may send notice of the presentation by registered or certified mail to the claimant at the address given by him. If the corporation or transfer agent so mails such a notice, it shall withhold the transfer for thirty days after the mailing and shall then make the transfer unless restrained by a court order.
Codes, 1942, § 5359-35; Laws, 1960, ch. 266, § 5, eff. 5/11/1960.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 11 - FIDUCIARY SECURITY TRANSFERS (§§ 91-11-1 — 91-11-21) › Section 91-11-13 - Non-liability of corporation and transfer agent

A corporation or transfer agent incurs no liability to any person by making a transfer or otherwise acting in a manner authorized by this chapter.
Codes, 1942, § 5359-36; Laws, 1960, ch. 266, § 6, eff. 5/11/1960.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 11 - FIDUCIARY SECURITY TRANSFERS (§§ 91-11-1 — 91-11-21) › Section 91-11-15 - Non-liability of third persons

(1)
No person who participates in the acquisition, disposition, assignment, or transfer of a security by or to a fiduciary, including a person who guarantees the signature of the fiduciary, is liable for participation in any breach of fiduciary duty by reason of failure to inquire whether the transaction involves such a breach unless it is shown that he acted with actual knowledge that the proceeds of the transaction were being or were to be used wrongfully for the individual benefit of the fiduciary, or that the transaction was otherwise in breach of duty.
(2)
If a corporation or transfer agent makes a transfer pursuant to an assignment by a fiduciary, a person who guaranteed the signature of the fiduciary is not liable on the guarantee to any person to whom the corporation or transfer agent by reason of this chapter incurs no liability.
(3)
This section does not impose any liability upon the corporation or its transfer agent.
Codes, 1942, § 5359-37; Laws, 1960, ch. 266, § 7, eff. 5/11/1960.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 11 - FIDUCIARY SECURITY TRANSFERS (§§ 91-11-1 — 91-11-21) › Section 91-11-17 - Territorial application

(1)
The rights and duties of a corporation and its transfer agents in registering a security in the name of a fiduciary, or in making a transfer of a security pursuant to an assignment by a fiduciary, are governed by the law of the jurisdiction under whose laws the corporation is organized.
(2)
This chapter applies to the rights and duties of a person other than the corporation and its transfer agents with regard to acts and omissions in this state in connection with the acquisition, disposition, assignment, or transfer of a security by or to a fiduciary, and of a person who guarantees in this state the signature of a fiduciary in connection with such a transaction.
Codes, 1942, § 5359-38; Laws, 1960, ch. 266, § 8, eff. 5/11/1960.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 11 - FIDUCIARY SECURITY TRANSFERS (§§ 91-11-1 — 91-11-21) › Section 91-11-19 - Tax obligations

This chapter does not affect any obligation of a corporation or transfer agent with respect to estate, inheritance, succession, or other taxes imposed by the laws of this state.
Codes, 1942, § 5359-39; Laws, 1960, ch. 266, § 9, eff. 5/11/1960.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 11 - FIDUCIARY SECURITY TRANSFERS (§§ 91-11-1 — 91-11-21) › Section 91-11-21 - Uniformity of interpretation

This chapter shall be so construed as to effectuate its general purpose to make uniform the law of those states which enact it.
Codes, 1942, § 5359-40; Laws, 1960, ch. 266, § 10, eff. 5/11/1960.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 13 - FIDUCIARY INVESTMENTS (§§ 91-13-1 — 91-13-11) › Section 91-13-1 - Investment by fiduciaries of funds held in trust

All trustees, guardians, and other fiduciaries in this state, unless prohibited by the will, deed, or trust instrument of the testator or other person establishing the trust, agency, or fiduciary relationship, or unless by any such instrument another mode of investment is prescribed, may, in addition to methods of investment now authorized by law, invest all funds held in trust or for investment as provided in this chapter.
Codes, 1942, § 421.5; Laws, 1956, ch. 212, §§ 1-7.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 13 - FIDUCIARY INVESTMENTS (§§ 91-13-1 — 91-13-11) › Section 91-13-3 - Authority to prudently invest in all property

In acquiring, investing, reinvesting, exchanging, retaining, selling, and managing property held in fiduciary capacity, the fiduciary shall exercise the judgment and care under the circumstances then prevailing which men 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.
Within the limitations of the foregoing standard, a fiduciary is authorized to acquire and retain every kind of property, real, personal, or mixed, and every kind of investment, specifically including, but not by way of limitation, shares or interests in common trust funds, securities of any open-end or closed-end management type investment company or investment trust registered under the Federal Investment Company Act of 1940, as from time to time amended and, in addition, bonds, preferred stocks, or common stocks listed on a national securities exchange registered with the securities and exchange commission, which men of prudence, discretion, and intelligence acquire or retain for their own account. Within the limitations of the foregoing standard, a fiduciary may retain property properly acquired, without limitation as to time and without regard to its suitability for original purchase.
Codes, 1942, § 421.5; Laws, 1956, ch. 212, §§ 1-7.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 13 - FIDUCIARY INVESTMENTS (§§ 91-13-1 — 91-13-11) › Section 91-13-5 - "Legal investment" construed

Whenever the express terms or limitations set forth in any will, agreement, court order, or other instrument use the terms "legal investment" or "authorized investment" or words of similar import, such words shall be conclusively presumed to mean any investment authorized or permitted by Section
91-13-3
.
Codes, 1942, § 421.5; Laws, 1956, ch. 212, §§ 1-7.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 13 - FIDUCIARY INVESTMENTS (§§ 91-13-1 — 91-13-11) › Section 91-13-6 - Federally insured accounts and certificates of deposit as legal investments

All trustees, guardians, administrators, executors and other fiduciaries may, without court order, if not prohibited by the instrument, judgment, decree or order establishing the fiduciary relationship, invest or deposit funds held in a fiduciary capacity in time certificates of deposit, savings accounts or other interest-bearing accounts of (a) any state or national bank (including itself, if such fiduciary be a bank) whose main office is located in the state and the deposits of which are insured by the Federal Deposit Insurance Corporation, or (b) any state or federal savings and loan association (including itself, if such fiduciary be a savings and loan association) whose main office is located in the state and the deposits of which are insured by the Federal Savings and Loan Insurance Corporation.
Laws, 1982, ch. 364, § 1, eff. 7/1/1982.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 13 - FIDUCIARY INVESTMENTS (§§ 91-13-1 — 91-13-11) › Section 91-13-7 - General powers of courts not affected

Nothing contained in this chapter shall be construed to limit the power of a court of competent jurisdiction to permit a fiduciary to take any action authorized, or to restrain a fiduciary from taking any action prohibited by a decree of such court, notwithstanding the permissions or restrictions contained in any written instrument under which such fiduciary is acting.
Codes, 1942, § 421.5; Laws, 1956, ch. 212, §§ 1-7.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 13 - FIDUCIARY INVESTMENTS (§§ 91-13-1 — 91-13-11) › Section 91-13-8 - Direct obligations of United States of America to include interests in certain open-end or closed-end management type investment company or investment trust

All trustees, guardians, administrators, executors and other fiduciaries, whenever a governing instrument or order directs, requires, authorizes or permits investment in direct obligations of the United States of America, may invest in such obligations either directly or in the form of securities of, or other interests in, any open-end or closed-end management type investment company or investment trust registered under the provisions of
15 U.S.C. Section 80(a)-1
et seq., provided that the portfolio of such investment company or investment trust is limited to direct obligations of the United States of America and to repurchase agreements fully collateralized by direct obligations of the United States of America, and that such investment company or investment trust takes delivery of the collateral for any repurchase agreement, either directly or through an authorized custodian. This section shall not be construed to apply to the investment of any public funds; provided, however, that this section shall be construed to apply to the investment of public funds deposited with a bank trustee acting in a fiduciary capacity in connection with the sale and redemption of bonds, notes and other certificates of indebtedness, notwithstanding Section
31-19-5
, Mississippi Code of 1972.
Laws, 1989, ch. 572, § 1, eff. 7/1/1989.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 13 - FIDUCIARY INVESTMENTS (§§ 91-13-1 — 91-13-11) › Section 91-13-9 - Application of chapter

Fiduciaries acting under authority heretofore or hereafter granted shall be subject to the provisions of this chapter.
The powers granted by this chapter to trustees, guardians, and other fiduciaries shall be in addition to the powers existing by virtue of other laws heretofore enacted authorizing investments by fiduciaries.
Codes, 1942, § 421.5; Laws, 1956, ch. 212, §§ 1-7.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 13 - FIDUCIARY INVESTMENTS (§§ 91-13-1 — 91-13-11) › Section 91-13-11 - Tennessee Valley Authority bonds and obligations as legal investments

All bonds and other obligations issued by the Tennessee Valley Authority under the provisions of the Tennessee Valley Authority Act of 1933, as heretofore or hereafter amended, shall be legal investments for trustees and other fiduciaries, for the public employees' retirement system of Mississippi, and for banks, savings banks, trust companies, building and loan associations, and insurance companies organized under the laws of the State of Mississippi. Such bonds and obligations shall be legal securities which may be deposited with and shall be received by all public officers and bodies of this state and all municipalities and political subdivisions for the purpose of securing the deposit of public funds.
Codes, 1942, § 421.7; Laws, 1962, ch. 179.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 15 - RELEASE OF POWERS OF APPOINTMENT (§§ 91-15-1 — 91-15-21) › Section 91-15-1 - Citation of chapter

This chapter may be cited as the "release of power of appointment law."
Codes, 1942, § 671-71; Laws, 1946, ch. 405, § 1.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 15 - RELEASE OF POWERS OF APPOINTMENT (§§ 91-15-1 — 91-15-21) › Section 91-15-3 - Definitions

When used in this chapter, unless the context otherwise requires:
(a)
"Power" includes any power to appoint or designate to whom property shall go, any power to invade property, any power to alter, amend, or revoke any instrument under which an estate or trust is held or created or to terminate any right or interest thereunder, and any power remaining where one or more partial releases have heretofore or hereafter been made with respect to a power, whether heretofore or hereafter created or reserved, whether vested, contingent, or conditional, and whether classified in law or known as a power in gross, a power appendant, a power appurtenant, a collateral power, a general, special, or limited power, exclusive or nonexclusive power, or otherwise, and irrespective of when, in what manner, or in whose favor it may be exercised.
(b)
"Donee" means any person, whether resident or nonresident of this state, who, either alone or with another, has the right to exercise a power.
(c)
"Objects" when used in connection with a power means the person in whose favor the power may be exercised.
(d)
"Property" when used in connection with a power means any and all property, whether real or personal, any and all interest in property, and any and all income from property, which is subject to the power, and includes any part of the property, any part of the interest in property, and any part of the income from property.
(e)
"Release" means renunciation, relinquishment, surrender, refusal to accept, extinguishment, and any other form of release.
Codes, 1942, § 672-72; Laws, 1946, ch. 405, § 2.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 15 - RELEASE OF POWERS OF APPOINTMENT (§§ 91-15-1 — 91-15-21) › Section 91-15-5 - Right to release

Unless the instrument creating the power specifically provides to the contrary, the donee of a power, whether now existing or hereafter created, may:
(a)
At any time completely release his power.
(b)
At any time or times release his power: (one) as to any property which is subject thereto; (two) as to any one or more of the objects thereof; or (three) so as to limit in any other respect the extent to which it may be exercised.
Codes, 1942, § 672-73; Laws, 1946, ch. 405, § 3.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 15 - RELEASE OF POWERS OF APPOINTMENT (§§ 91-15-1 — 91-15-21) › Section 91-15-7 - Manner of effecting release

A release of a power, whether partial or complete, shall be valid and effective with or without a consideration when the donee executes an instrument evidencing an intent to make the release, signed and acknowledged in the manner prescribed for the execution of deeds, and delivers the instrument or causes it to be delivered, either:
(a)
To an adult person who may take any of the property which is subject to the power in the event of its non-exercise, or to one in whose favor it may be exercised after such partial release; or
(b)
To any trustee or any co-trustee of the property which is subject to the power; or
(c)
By filing the same for recordation in the chancery clerk's office in the county and judicial district thereof in which any of the property is located, or in which either the donee or the trustee in control of the property resides, or in which the trustee has its principal office, or in which the instrument creating the power is probated or recorded.
Codes, 1942, § 672-74; Laws, 1946, ch. 405, § 4.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 15 - RELEASE OF POWERS OF APPOINTMENT (§§ 91-15-1 — 91-15-21) › Section 91-15-9 - Release heretofore made

A release of a power executed prior to April 10, 1946, shall have the same effect as if this chapter had been in effect at the time the release was executed and delivered.
Codes, 1942, § 672-75; Laws, 1946, ch. 405, § 5.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 15 - RELEASE OF POWERS OF APPOINTMENT (§§ 91-15-1 — 91-15-21) › Section 91-15-11 - Right of release not exclusive

The rights and means provided in this chapter for the release of a power are not exclusive, but are in addition to all other rights and means of a donee to release a power in whole or in part.
Codes, 1942, § 672-76; Laws, 1946, ch. 405, § 6.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 15 - RELEASE OF POWERS OF APPOINTMENT (§§ 91-15-1 — 91-15-21) › Section 91-15-13 - Delivery of release as notice

Any fiduciary or other person, association, or corporation having the possession or control of any property subject to a power of appointment shall be deemed to have notice of a release of the power when the original or a copy of the release is delivered to such fiduciary or other person, association, or corporation.
Codes, 1942, § 672-77; Laws, 1946, ch. 405, § 7.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 15 - RELEASE OF POWERS OF APPOINTMENT (§§ 91-15-1 — 91-15-21) › Section 91-15-15 - Recordation as notice

Any purchaser or mortgagee of real property subject to a power of appointment, who is without actual notice, shall be deemed to have notice of a release of the power when the original or duplicate original is filed for record in the chancery clerk's office in the county and judicial district thereof in which the particular real property so purchased or mortgaged is located, and when the deed, will, or other instrument creating the power, or a duly attested copy thereof, is recorded in the same office, and an appropriate notation is entered on the margin of the will or deed book where the instrument creating the power is recorded, referring to the deed book and page where the release is recorded.
Codes, 1942, § 672-78; Laws, 1946, ch. 405, § 8.
Mississippi Code 1972 (2023) › Title 91 - TRUSTS AND ESTATES (§§ 91-1-NEW — 91-31-25) › Chapter 15 - RELEASE OF POWERS OF APPOINTMENT (§§ 91-15-1 — 91-15-21) › Section 91-15-17 - Manner of recording release

Clerks of chancery courts are authorized and directed to record releases of powers of appointment in the books provided for the recordation of deeds, to index the same in the current and general indexes, the name of the donee being entered on the grantor index, and to charge therefor at the rate applicable to deeds.
Codes, 1942, § 672-79; Laws, 1946, ch. 405, § 9.