California Probate Code

§ 18505

PROB § 18505 Effective Jan 1, 2009Div. 9 · Part 7

Statute text

(a)Subject to any specific limitation set forth in a gift instrument or in law other than this part, an institution may delegate to an external agent the management and investment of an institutional fund to the extent that an institution could prudently delegate under the circumstances. An institution shall act in good faith, with the care that an ordinarily prudent person in a like position would exercise under similar circumstances, in all of the following:

(1)Selecting an agent.

(2)Establishing the scope and terms of the delegation, consistent with the purposes of the institution and the institutional fund.

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Legislative history

Repealed and added by Stats. 2008, Ch. 715, Sec. 4. Effective January 1, 2009.