1. 1. Administer accounts strictly according to the governing instrument and solely in the account beneficiary’s interests;
2. 2. Use reasonable care and skill to make the account productive;

3. 3. Provide complete and accurate information about the nature and amount of assets held to each account’s beneficiary or principal and permit the beneficiary, principal, or any person duly authorized by the beneficiary or principal to inspect the account’s records at any time during normal business hours. The information provided in compliance with this subsection shall be delivered at least quarterly, unless:

   1. a. The trust department or trust company and its account’s beneficiary, principal, or authorized person agree otherwise in writing;
   2. b. The governing instrument provides otherwise; or
   3. c. A different frequency is established by a lawful course of dealing before the effective date of this Section; and
4. 4. Comply with all lawful provisions of the governing instrument.

A trust department or trust company shall perform all fiduciary duties imposed upon it by law, including the following:

Historical Note

Adopted effective June 30, 1977 (Supp. 77-3). R20-4-809 recodified from R4-4-809 (Supp. 95-1). Amended by final rulemaking at 6 A.A.R. 2471, effective June 8, 2000 (Supp. 00-2). Amended by final rulemaking at 8 A.A.R. 2718, effective June 6, 2002 (Supp. 02-2). Amended by final rulemaking at 29 A.A.R. 1952 (September 1, 2023), effective October 8, 2023 (Supp. 23-3).