469.909. Trustee powers, delegation--agent duties--liability of agent--agent submits to jurisdiction, when. - Missouri Statutes

Trustee powers, delegation--agent duties--liability of agent--agentsubmits to jurisdiction, when.

469.909. 1. A trustee may delegate investment and managementfunctions that a prudent trustee of comparable skills could properlydelegate under the circumstances. The trustee shall exercise reasonablecare, skill, and caution in:

(1) Selecting an agent suitable to the exercise of the delegatedfunction, taking into account the nature and the value of the assetssubject to such delegation and the expertise of the agent;

(2) Establishing the scope and terms of the delegation, consistentwith the purposes and terms of the trust; and

(3) Periodically reviewing the agent's actions in order to monitorthe agent's performance and compliance with the terms of the delegation.

2. In performing a delegated function, an agent owes a duty to thetrust to exercise reasonable care to comply with the terms of thedelegation.

3. A trustee who complies with the requirements of subsection 1 ofthis section is not liable to the beneficiaries or to the trust for thedecisions or actions of the agent to whom the function was delegated.

4. By accepting the delegation of a trust function from the trusteeof a trust that is subject to the law of this state, an agent submits tothe jurisdiction of the courts of this state even if the delegationagreement provides otherwise.

(L. 1996 H.B. 1432, A.L. 2004 H.B. 1511)

*Transferred 2004; formerly 456.909