Was it Wise to Try to Implement Trust Law Reforms Through the Uniform Prudent Management of Institutional Funds Act?

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dc.creatorSchwartzel, C. Boone
dc.date.accessioned2022-06-20T19:04:20Z
dc.date.available2022-06-20T19:04:20Z
dc.date.issued2021
dc.description.abstractThis Article focuses on two topics that are tangential to UPMIFA’s primary focus on the management and investment of endowment funds and have received little attention: (1) how UPMIFA should apply to institutional funds established between affiliated institutions in light of UPMIFA’s new definitions and expanded scope, and more importantly (2) how the Commissioners’ preoccupation with reforming trust laws creates significant, unnecessary, and avoidable problems under UPMIFA. Recognizing that there are differences between charitable trusts and charitable institutions, the Commissioners sometimes had to choose when trust law principles should apply and when they should not. In UMIFA, for example, the Commissioners adopted an “ordinary business care and prudence” standard of conduct, concluding that “[t]he proper standard of responsibility is more analogous to that of a director of a business corporation than that of a professional private trustee,” and recognizing that the governing board owes duties to the institution to consider both its long and short-term needs and “weigh the needs of today against those of the future.” These differences cause both UPMIFA and UPMIFA to be a blend of sometimes conflicting legal frameworks.en_US
dc.identifier.citation14 Est. Plan. & Cmty. Prop. L. J. 179en_US
dc.identifier.urihttps://hdl.handle.net/2346/89684
dc.language.isoengen_US
dc.publisherEstate Planning and Community Property Law Journalen_US
dc.subjectTrust law reformsen_US
dc.subjectUniform Prudent Management of Institutional Funds Acten_US
dc.subjectUPMIFAen_US
dc.subjectDonersen_US
dc.subjectDoneesen_US
dc.subjectCharity law reform movementen_US
dc.subjectCy Pressen_US
dc.subjectUniform Management of Institutional Funds Acten_US
dc.subjectUMIFAen_US
dc.titleWas it Wise to Try to Implement Trust Law Reforms Through the Uniform Prudent Management of Institutional Funds Act?en_US
dc.typeArticleen_US

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