Utah Statutes
§ 51-8-201 — General standard of care.
Utah·Title 51 Public Funds and Accounts·Ch. 51-8 Uniform Prudent Management of Institutional Funds Act·Part 51-8-2 Standard of Conduct in Managing and Investing Institutional Fund
(1)Subject to the intent of a donor expressed in a gift instrument, an institution, in managing and investing an institutional fund, shall consider the charitable purposes of the institution and the purposes of the institutional fund.
(2)In addition to complying with the duty of loyalty imposed by law other than this chapter, each person responsible for managing and investing an institutional fund shall manage and invest the fund in good faith and with the care an ordinarily prudent person in a like position would exercise under similar circumstances.
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Legislative History
Enacted by Chapter 59, 2007 General Session
Nearby Sections
15
§ 51-10-101
Title.§ 51-10-102
Definitions.§ 51-10-201
Fund created.§ 51-10-203
Office of Trust Administrator.§ 51-10-204
Trust administrator duties.§ 51-10-205
Expenditures from the fund.§ 51-10-206
Diné Advisory Committee.§ 51-12-101
Definitions.§ 51-12-102
Reporting.§ 51-12-201
Investment opportunities.§ 51-12-202
Terms of deposit.§ 51-12-203
Penalty.§ 51-13-101
Definitions.