3B:20-11.2 Compliance by fiduciary with prudent investor rule
131 words·~1 min read·
/nj/title-3b/chapter-20/3b-20-11-2·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
2. a. Except as provided in subsection b. of this section, a fiduciary who invests and manages trust assets owes a duty to the beneficiaries of the trust to comply with the prudent investor rule, as set forth in this act.
b. The prudent investor rule is a default rule that may be expanded, restricted, eliminated, or otherwise altered by express provisions of the trust instrument. A fiduciary is not liable to a beneficiary to the extent that the fiduciary acted in reasonable reliance on those express provisions. Nothing herein shall affect the jurisdiction of the Superior Court to order or authorize a fiduciary to deviate from the express terms or provisions of a trust instrument for the causes, in the manner, and to the extent otherwise provided by law.
L.1997,c.26,s.2.