Bill Text: MS HB1461 | 2012 | Regular Session | Introduced
Bill Title: Trustees; provide for exceptions to duty of to diversify assets of the trust.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Failed) 2012-03-06 - Died In Committee [HB1461 Detail]
Download: Mississippi-2012-HB1461-Introduced.html
MISSISSIPPI LEGISLATURE
2012 Regular Session
To: Judiciary A
By: Representative Mayo
House Bill 1461
AN ACT TO AMEND SECTION 91-9-605, MISSISSIPPI CODE OF 1972, TO MODIFY THE UNIFORM PRUDENT INVESTOR ACT TO PROVIDE FOR CERTAIN EXCEPTIONS TO THE DUTY OF A TRUSTEE TO DIVERSIFY THE ASSETS OF THE TRUST; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. Section 91-9-605, Mississippi Code of 1972, is amended as follows:
91-9-605. Diversification. A trustee has the duty to diversify the investments of the trust, except in the following circumstances:
(a) When the trustee reasonably determines that, because of special circumstances, the purposes of the trust are better served without diversifying;
(b) When the
trustee reasonably determines that, under the circumstances, it is not prudent
to diversify;
(c) When the trust assets include farm or ranch property, a
closely held family business, timber interests, or interests in oil, gas, or
minerals, the trustee may retain those assets unless otherwise directed by a
majority of adult trust beneficiaries;
(d) When the trust assets include property received into the
trust at its inception or later added to it, the trustee may retain any such
property without need for diversification as to kinds or amounts and whether or
not the property is income producing.
SECTION 2. This act shall take effect and be in force from and after July 1, 2012.