51-8-201 - General standard of care. - Utah Statutes

51-8-201. General standard of care.
(1) Subject to the intent of a donor expressed in a gift instrument, an institution, inmanaging and investing an institutional fund, shall consider the charitable purposes of theinstitution and the purposes of the institutional fund.
(2) In addition to complying with the duty of loyalty imposed by law other than thischapter, each person responsible for managing and investing an institutional fund shall manageand invest the fund in good faith and with the care an ordinarily prudent person in a like positionwould exercise under similar circumstances.

Enacted by Chapter 59, 2007 General Session