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Wyo. Stat. Ann. § 2-3-301

Standard for fiduciaries; authority to acquire and retain property and investments

Applied in 2 court decisions — leading case Barbara Campbell and William Loveland, On Behalf of Themselves and as Representatives of a Class of Similarly Situated Persons v. Chris Davidson Tri-County Telephone Association, Inc., a Wyoming Corporation Dalin Winters Clifford Alexander J.O. Sutherland Daniel Greet John K. Johnson Neil Schlenker Bht Investments, Llc, a Wyoming Limited Liability Company Bht Holdings, Inc., a Wyoming Corporation Bht Merger Corporation, a Wyoming Corporation and Steve Harper (2023)

Most recently applied in Barbara Campbell and William Loveland, On Behalf of Themselves and as Representatives of a Class of Similarly Situated Persons v. Chris Davidson Tri-County Telephone Association, Inc., a Wyoming Corporation Dalin Winters Clifford Alexander J.O. Sutherland Daniel Greet John K. Johnson Neil Schlenker Bht Investments, Llc, a Wyoming Limited Liability Company Bht Holdings, Inc., a Wyoming Corporation Bht Merger Corporation, a Wyoming Corporation and Steve Harper (October 2023)

(a) In acquiring, investing, reinvesting, exchanging, retaining, selling and managing property for the benefit of another, a fiduciary shall exercise the judgment and care of a prudent investor as specified under W.S. 4-10-901 through 4-10-913.

(b) Within the limitations of the foregoing standard, a fiduciary may:

(i) Acquire and retain every kind of property, real, personal or mixed, and every kind of investment, specifically including bonds, debentures and other corporate obligations, and stocks, preferred or common, which persons of prudence, discretion and intelligence acquire or retain for their own account;

(ii) Retain property properly acquired, without limitation as to time and without regard to its suitability for original purchase.

(c) Any bank as defined by W.S. 13-1-101 or any trust company formed under W.S. 13-5-102, that is acting as a fiduciary or agent may, in its discretion or at the direction of another person who is authorized to direct the investment of money held by the bank or trust company, invest in the securities of an open end or closed end management investment company or investment trust that is registered under the federal Investment Company Act of 1940, as amended. The bank or trust company, or any affiliate thereof, may provide services to the investment trust or investment company, including acting as an investment advisor, manager, sponsor, distributor, custodian, transfer agent or registrar, and may receive reasonable compensation for the services. Provided, however, that with respect to any funds invested, the bank or trust company or its affiliate shall disclose to the persons to whom statements of the account are rendered consistent with the requirements of W.S. 4-10-802(f).

Official source: Wyoming Legislature. Reproduced from public-domain Wyoming statutes; confirm against the official source for the current text. Not legal advice.