§ 15-1.1-109 — Delegation of investment and management functions

Colorado § 15-1.1-109

• Jurisdiction: Colorado
• Title 15: Probate,
• Art.: Uniform Prudent Investor Act

Text

(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.

Legislative History

Source: L. 95: Entire article added, p. 311, � 1, effective July 1.