uniform trust code - Kansas Judicial Branch

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1 2 ARTICLE 9 UNIFORM PRUDENT INVESTOR ACT 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 General Comment Because of the widespread adoption of the Uniform Prudent Investor Act, no effort has been made to disassemble and integrate the Uniform Prudent Investor Act into the Uniform Trust Code. States adopting the Uniform Trust Code that have previously enacted the Prudent Investor Act are encouraged to reenact their version of the Prudent Investor Act as Article 9 of the Uniform Trust Code. Reenacting the Uniform Prudent Investor Act as a unit will preserve uniformity with States that have enacted the Uniform Prudent Investor Act in free-standing form. The Uniform Prudent Investor Act prescribes a series of duties relevant to the investment and management of trust property. The Uniform Trust Code, Article 8 contains duties and powers of a trustee relevant to the investment, administration, and distribution of trust property. There is therefore significant overlap between Article 8 and the Prudent Investor Act. Where the Uniform Prudent Investor Act and Uniform Trust Code are duplicative, enacting jurisdictions are encouraged to enact the Uniform Prudent Investor Act in this article but without the provisions already addressed in Article 8 of the Uniform Trust Code. The duplicative provisions of the Uniform Prudent Investor Act and Article 8 of this Code are as follows: Prudent Investor Act Article 8 Special skills 2(f) 806 Loyalty 5 802 Impartiality 6 803 Investment costs 7 805 Delegation 9 807 Deleting these duplicative provisions leaves the following sections of the Uniform Prudent Investor Act for enactment in this article: 26 27 28 29 30 31 32 Section 1 Section 2 (a)-(e) Section 3 Section 4 Section 8 Section 10 Prudent Investor Rule Standard of Care; Portfolio Strategy; Risk and Return Objectives Diversification Duties at Inception of Trusteeship Reviewing Compliance Language Invoking Standard of [Act] 33 34 35 SECTION 901. APPLICATION OF UNIFORM PRUDENT INVESTOR ACT. Notwithstanding any provisions of the Kansas Uniform Trust Act to the contrary, K.S.A. 59-24a01 173
1 2 3 4 5 6 7 8 9 10 et seq. shall govern the investment and management of trust assets. Kansas Comment The Kansas drafting committee noted that the 2000 Kansas Legislature did extensive work in amending and adopting the latest version of the Uniform Prudent Investor Act. In addition, the Kansas version of the Uniform Prudent Investor Act uses the term "fiduciary" and not "trustee" and thus has broader application. For these reasons, the Kansas drafting committee did not propose repeal of the recently enacted Uniform Prudent Investor Act and its reenactment as part of the Uniform Trust Code. The committee instead chose to leave the Uniform Prudent Investor Act intact and draft a section that clarified its application. 174
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UNIFORM TRUST CODE Drafted by the N
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ARTICLE 1 GENERAL PROVISIONS AND DE
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SECTION 812. COLLECTING TRUST PROPE
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