(a) Except as provided in subsection (b) of this section, a trustee who invests and manages trust assets owes a duty to the beneficiaries of the trust to comply with the prudent investor rule as set forth in sections 19-1309.02 through 19-1309.09.
(b) The prudent investor rule is a default rule that may be expanded, restricted, eliminated, or otherwise altered by provisions of the trust. A trustee is not liable to a beneficiary to the extent that the trustee acted in reasonable reliance on provisions of the trust.
CREDIT(S)
(Mar. 10, 2004, D.C. Law 15-104, § 2(b), 51 DCR 208.)
HISTORICAL AND STATUTORY NOTES
Prior Codifications
2001 Ed., § 28-4701.
1981 Ed., § 28-4701.
Legislative History of Laws
For Law 15-104, see notes following § 19-1301.01.
Uniform Law
This section is based upon § 1 of the Uniform Prudent Investor Act. See 7B Uniform Laws Annotated, Master Edition, or ULA Database on WESTLAW.