701.0902 Directed trust property. (1) A directing party who has power over directed trust property shall do all of the following: (a) Direct the trustee on the retention, purchase, sale, exchange, tender, encumbrance, or any other investment transaction of the directed trust property and the investment and reinvestment of principal and income. (b) Direct the trustee with respect to the management, control, and voting powers, including voting proxies, of the directed trust property. (c) Select and determine reasonable compensation of one or more outside investment advisors, managers, consultants, or counselors, which may include the trustee, and delegate investment authority to them pursuant to the investment delegation provisions under s. 881.01 (10). (d) Determine the frequency of and methodology for valuing directed trust property and provide the value of property for which there is no readily available daily market value. (2) A trustee who has no power over directed trust property does not have a duty to do any of the following with respect to the directed trust property: (a) Prepare or review investment policy statements. (b) Perform investment or suitability reviews, inquiries, or investigations. (c) Determine or verify the value of directed trust property for which there is no readily available daily market value. (d) Monitor the conduct or investment performance of the directing party. (d) Order a trustee to account. (e) Appoint an additional trustee, a directing party, or a trust protector having the duties and authority ordered by the court, including, in the case of an additional trustee, the authority to take possession of the trust property and administer the trust. (f) Suspend the trustee. (g) Remove the trustee as provided in s. 701.0706. (h) Reduce the compensation of or deny compensation to the trustee. (i) Subject to s. 701.1012, void an act of the trustee, impose a lien or a constructive trust on trust property, or trace trust property wrongfully disposed of and order recovery of the property or its proceeds. (j) Order any other appropriate relief, whether provided elsewhere in this chapter, available at common law, or under equity principles. History: 2013 a. 92.
History: 2013 a. 92.