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2017 Arkansas Code
Title 23 - Public Utilities and Regulated Industries
Subtitle 2 - Financial Institutions and Securities
Chapter 51 - Arkansas Trust Institutions Act
§ 23-51-192. Delegation and fiduciary responsibility
Universal Citation: AR Code § 23-51-192 (2017)
- (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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