(a) A trustee may delegate investment and management functions that a prudent trustee of comparable skills could properly delegate under the circumstances. The trustee shall exercise reasonable care, skill, and caution in:
Selecting an agent;
Establishing the scope and terms of the delegation, consistent with the purposes andterms of the trust; and
Periodically reviewing the agent's actions in order to monitor the agent's performanceand compliance with the terms of the delegation.
In performing a delegated function, an agent owes a duty to the trust to exercisereasonable care to comply with the terms of the delegation.
A trustee who complies with the requirements of subsection (a) of this section is notliable to the beneficiaries or to the trust for the decisions or actions of the agent to whom the function was delegated.
By accepting the delegation of a trust function from the trustee of a trust that issubject to the law of this State, an agent submits to the jurisdiction of the courts of this State.
Source: L. 95: Entire article added, p. 311, § 1, effective July 1.