US Laws, Codes, Statutes & Cases

§ 1339.59. Delegation of functions by trustee.
 

(A)  A trustee may delegate investment and management functions of a trust that a prudent trustee having comparable skills could properly delegate under the circumstances. In accordance with this division, a trustee shall exercise reasonable care, skill, and caution in doing all of the following: 

(1) Selecting an agent; 

(2) Establishing the scope and terms of the delegation consistent with the purposes and terms of the trust; 

(3) Periodically reviewing the agent's actions in order to monitor the agent's performance with the terms of the delegation. 

(B)  In performing investment or management functions of a trust that are delegated to an agent, 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 division (A) of this section is not liable to the beneficiaries of the trust or to the trust for the decisions or actions of the agent to whom the function was delegated. 

(D)  By accepting the delegation of investment or management functions of a trust that is subject to the laws of this state, an agent submits to the jurisdiction of this state. 
 

HISTORY: 147 v H 701. Eff 3-22-99.
 

See provisions, § 3 of HB 701 (147 v  - ) following RC § 1339.61.