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Current through October 23, 2012
(Apr. 6, 1977, D.C. Law 1-103, § 2, 23 DCR 8733; Jan. 23, 2008, D.C. Law 17-69, § 11, 54 DCR 11650.)
HISTORICAL AND STATUTORY NOTES
Prior Codifications
1981 Ed., § 32-401.
1973 Ed., § 32-1201.
Legislative History of Laws
Law 1-103 was introduced in Council and assigned Bill No. 1-139, which was referred to the Committee on the Judiciary and Criminal Law. The Bill was adopted on first and second readings on September 15, 1976, and October 12, 1976, respectively. Signed by the Mayor on November 9, 1976, it was assigned Act No. 1-172 and transmitted to both Houses of Congress for its review.
Law 17-69, the "Uniform Prudent Management of Institutional Fund Act of 2007", was introduced in Council and assigned Bill No. 17-145 which was referred to the Committee on Public Safety and Judiciary. The Bill was adopted on first and second readings on October 23, 2007, and November 6, 2007, respectively. Signed by the Mayor on November 19, 2007, it was assigned Act No. 17-181 and transmitted to both Houses of Congress for its review. D.C. Law 17-69 became effective on January 23, 2008.
Miscellaneous Notes
Prudent investor rule: Section 2(b) of D.C. Law 12-187 provides that "the prudent investor rule is a default rule that may be expanded, restricted, eliminated, or otherwise altered by provisions of the trust. A trustee is not liable to a beneficiary to the extent that the trustee acted in reasonable reliance on provisions of the trust."
Uniform Law
This section is based upon § 1 of the Uniform Management of Institutional Funds Act. See Volume 7A, Part II Uniform Laws Annotated, Master Edition, or ULA Database on Westlaw.
