§ 4-10-909 — Delegation of investment and management functions

Wyoming § 4-10-909

• Jurisdiction: Wyoming
• Title 04: Fiduciaries
• Ch. 10: UNIFORM TRUST CODE
• Art. 9: 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:
(i) Selecting an agent;
(ii) Establishing the scope and terms of the
delegation, consistent with the purposes and terms of the trust;
and
(iii) 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 the state
of Wyoming even if investment advisory agreements or other
related agreements provide otherwise, and the agent may be made
a party to any action or proceeding if issues relate to a
decision, action or inaction of the agent.