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Code · Utah · Title 51 — Public Funds and Accounts · Chapter 8

51-8-201. General standard of care.

103 words·~1 min read·/ut/title-51/chapter-8/51-8-201

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

51-8-201. General standard of care.
(1)Subject to the intent of a donor expressed in a gift instrument, an institution, in managing and investing an institutional fund, shall consider the charitable purposes of the institution and the purposes of the institutional fund.
(2)In addition to complying with the duty of loyalty imposed by law other than this chapter, each person responsible for managing and investing an institutional fund shall manage and invest the fund in good faith and with the care an ordinarily prudent person in a like position would exercise under similar circumstances.
Enacted by Chapter 59 , 2007 General Session
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