Prudent investor rule
Known as the Arkansas Trust Code
The act spans §§ 28–28 (103 sections).
Applied in 1 court decision — leading case Mary Shula v. Bank of America N.A. (2009)
Most recently applied in Mary Shula v. Bank of America N.A. (October 2009)
Acts 2005, No. 1031, § 1.
(1) Except as otherwise provided in subsection (b), a trustee who invests and manages trust assets owes a duty to the beneficiaries of the trust to comply with the prudent investor rule set forth in this subchapter.
(2) The prudent investor rule, a default rule, may be expanded, restricted, eliminated, or otherwise altered by the provisions of a trust. A trustee is not liable to a beneficiary to the extent that the trustee acted in reasonable reliance on the provisions of the trust.
Current official text: Arkansas General Assembly. Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Arkansas statutes; confirm against the official source for the current text. Not legal advice.