Utah § 53D-1-603 Director authority, responsibilities, and duties.

Utah Statutes

§ 53D-1-603 — Director authority, responsibilities, and duties.

Utah § 53D-1-603

Title 53DSchool and Institutional Trust Fund Management and Land Trusts Protection and Advocacy Office

Ch. 53D-1School and Institutional Trust Fund Management Act

Part 53D-1-6Management and Investment Standards and Principles

This text of Utah § 53D-1-603 (Director authority, responsibilities, and duties.) is published on Counsel Stack Legal Research, covering Utah primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Utah Code Ann. § 53D-1-603 (2026).

Text

(1)(1)(a) The director may delegate to an external agent the management of a portion of the trust fund money or assets, if the delegation is prudent under the circumstances and consistent with the purposes of the trust fund.

(1)(b) The director shall periodically review the actions of an agent under Subsection (1)(a) in order to monitor the agent's performance and compliance with the scope and terms of the delegation.

(2)The director shall act in good faith, with the care that a prudent professional in a like position would exercise under similar circumstances, in:

(2)(a) selecting an agent;

(2)(b) establishing the scope and terms of a delegation under Subsection (1); and

(2)(c) periodically reviewing the agent's actions, as provided in Subsection (1)(b).

(3)In performing a delegated f

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(1) (1)(a) The director may delegate to an external agent the management of a portion of the trust fund money or assets, if the delegation is prudent under the circumstances and consistent with the purposes of the trust fund.
(1)(b) The director shall periodically review the actions of an agent under Subsection (1)(a) in order to monitor the agent's performance and compliance with the scope and terms of the delegation.
(2) The director shall act in good faith, with the care that a prudent professional in a like position would exercise under similar circumstances, in:

(2)(a) selecting an agent;
(2)(b) establishing the scope and terms of a delegation under Subsection (1); and
(2)(c) periodically reviewing the agent's actions, as provided in Subsection (1)(b).
(3) In performing a delegated function, an agent owes a duty to the state and the beneficiaries to exercise reasonable care to comply with the scope and terms of the delegation.