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The Uniform Prudent Investor Act (UPIA), which was adopted in 1992 by the American Law Institute's Third Restatement of the Law of Trusts ("Restatement of Trust 3d"), reflects a "modern portfolio theory" and "total return" approach to the exercise of fiduciary investment discretion.
This uniform law is adopted state by state, and therefore the law may be slightly different in each state. For example, on September 20, 2010, New York Gov. David Paterson signed into law the New York version of UPMIFA called the New York Prudent Management of Institutional Funds Act or NYPMIFA. [8]
The Uniform Trust Code presumes that trustees will be held to the same standard as that adopted by the Uniform Law Commissioners in the Prudent Investor Act [UPIA]. A trustee must invest and manage trust assets as a "prudent investor" would, by considering the purposes, terms, distribution requirements, and other circumstances of the trust. [40]
Additionally, the UTC incorporated provisions from smaller, more specific uniform acts related to trusts while also superseding some outdated ones (including Article VII of the Uniform Probate Code, the Uniform Prudent Investor Act of 1994, the Uniform Trustee and Powers Act of 1964, and the Uniform Trusts Act of 1937). [2]
The Act was completed by the Commissioners on Uniform State Laws in 1997, and amended in 2000. [ 1 ] The purpose of the UPAIA (sometimes referred to as the UPIA) is to provide procedures by which trustees administering trusts , and personal representatives administering estates , allocate receipts and payments to principal and income.
An investment policy is required under virtually all investor circumstances, with the exception of individual investors. According to the US Employee Retirement Income Security Act of 1974, as amended (ERISA), for every qualified company retirement plan (e.g., 401[k], profit sharing, pension, 403[b]) there are certain fiduciary responsibilities for managing the plan assets with the care, skill ...
UFIPA is an updated version of the Uniform Principal and Income Act (UPIA). For the latest revision, the title was changed to avoid confusion with a closely related act, the Uniform Prudent Investor Act —which also utilizes the acronym UPIA—and to differentiate the revised act from its predecessors.
Uniform Prudent Investor Act: 1994 Uniform Punitive Damages Act: 1996 Uniform Putative and Unknown Fathers Act: 1988 Uniform Real Estate Cooperative Act: 1981 Uniform Real Estate Time-Share Act: 1980, 1982 Uniform Real Property Electronic Recording Act: 2004 Uniform Reciprocal Enforcement of Support Act: 1968 Uniform Residential Landlord and ...