58-9-103. Fiduciary duties; general principles. - Kansas Statutes

58-9-103

Chapter 58.--PERSONAL AND REAL PROPERTY Part 1.--DEFINITIONS AND FIDUCIARY DUTIES Article 9.--UNIFORM PRINCIPAL AND INCOME ACT (1997)

      58-9-103.   Fiduciary duties; generalprinciples.(a) In allocating receipts and disbursements to or betweenprincipal andincome, and with respect to any matter within the scope of parts 2 and 3,afiduciary:

      (1)   Shall administer a trust or estate in accordance with the terms ofthetrust or the will, even if there is a different provision in this act;

      (2)   may administer a trust or estate by the exercise of a discretionarypower of administration given to the fiduciary by the terms of the trust or thewill,even if the exercise of the power produces a result different from a resultrequiredor permitted by this act;

      (3)   shall administer a trust or estate in accordance with this act if theterms of the trust or the will do not contain a different provision or do notgive thefiduciary a discretionary power of administration; and

      (4)   shall add a receipt or charge a disbursement to principal to the extentthat the terms of the trust and this act do not provide a rule for allocatingthereceipt or disbursement to or between principal and income.

      (b)   In exercising the power to adjust under subsection (a) of K.S.A. 58-9-104, andamendmentsthereto, or a discretionarypower of administration regarding a matter within the scope of this act,whethergranted by the terms of a trust, a will, or this act, a fiduciary shalladminister atrust or estate impartially, based on what is fair and reasonable to all of thebeneficiaries, except to the extent that the terms of the trust or the willclearlymanifest an intention that the fiduciary shall or may favor one or more of thebeneficiaries. A determination in accordance with this act is presumed to befairand reasonable to all of the beneficiaries.

      History:   L. 2000, ch. 61, § 3; July 1.