26-45.11 - Language invoking standard of Act. - Virginia Statutes

§ 26-45.11. Language invoking standard of Act.

The following terms or comparable language in the provisions of a trust,unless otherwise limited or modified by language articulating the investmentstandard to which the trustee is to be held, authorizes any investment orstrategy permitted under this Act: "investments permissible by law forinvestment of trust funds," "legal investments," "authorizedinvestments," "using the judgment and care under the circumstances thenprevailing that persons of prudence, discretion, and intelligence exercise inthe management of their own affairs, not in regard to speculation but inregard to the permanent disposition of their funds, considering the probableincome as well as the probable safety of their capital," "prudent manrule," "prudent trustee rule," "prudent person rule," and "prudentinvestor rule."

(1999, c. 772.)