Browse Arkansas Code titles and sections
23-51-192. Delegation and fiduciary responsibility.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-51-192. Delegation and fiduciary responsibility.
(a) Any person acting as a trustee or as any other fiduciary under the laws of this state may delegate any investment, management, or administrative function if the person exercises reasonable care, judgment, and caution in:
(1) Selecting the delegate, taking into account the delegate's financial standing and reputation;
(2) Establishing the scope and other terms of any delegation; and
(3) Reviewing periodically the delegate's actions in order to monitor overall performance and compliance with the scope and other terms of the delegation.
(b) Notwithstanding any delegation permitted by subsection (a) of this section, any person acting as a trustee, except as provided in § 28-73-807, or in any other fiduciary capacity under the laws of this state shall retain responsibility for the due performance of any delegated fiduciary function.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-51-192
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:23-51-192
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 69b6f4c924e56205f35fbc7fb1b22a2c38ae9a0f4fa5c7a56143603aa074e753
Source location: content.xml paragraph 26248
Stored source content
23-51-192. Delegation and fiduciary responsibility.
(a) Any person acting as a trustee or as any other fiduciary under the laws of this state may delegate any investment, management, or administrative function if the person exercises reasonable care, judgment, and caution in:
(1) Selecting the delegate, taking into account the delegate's financial standing and reputation;
(2) Establishing the scope and other terms of any delegation; and
(3) Reviewing periodically the delegate's actions in order to monitor overall performance and compliance with the scope and other terms of the delegation.
(b) Notwithstanding any delegation permitted by subsection (a) of this section, any person acting as a trustee, except as provided in § 28-73-807, or in any other fiduciary capacity under the laws of this state shall retain responsibility for the due performance of any delegated fiduciary function.
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Arkansas Code — all titles (historical 2020) · legal_authorities
28-73-807. Delegation by trustee.
(a) A trustee may delegate duties and powers that a prudent trustee of comparable skills could properly delegate under the circumstances. The trustee shall exercise reasonable care, skill, and caution in:
(1) selecting an agent;
(2) establishing the scope and terms of the delegation, consistent with the purposes and terms of the trust; and
(3) periodically reviewing the agent's actions in order to monitor the agent's performance and compliance with the terms of the delegation.
(b) In performing a delegated function, an agent owes a duty to the trust to exercise reasonable care to comply with the terms of the delegation.
(c) A trustee who complies with subsection (a) is not liable to the beneficiaries or to the trust for an action of the agent to whom the function was delegated.
(d) By accepting a delegation of powers or duties from the trustee of a trust that is subject to the law of this state, an agent submits to the jurisdiction of a court of this state.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 28-73-807
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 28-73-807. This identifies an authority to review, not proof of applicability.