Skip to main content
Find a Lawyer

Utah Code Title 51. Public Funds and Accounts § 51-7-14. Prudent investor rule for management of investments--Proxy voting--Sale of security or investment for less than cost--State treasurer access

Current as of January 01, 2025 | Updated by Findlaw Staff

(1) Subject to Subsection (2), a person selecting investments authorized by Sections 51-7-11 and 51-7-13 shall:

(a) select investments not for speculation but for investment; and

(b) consider:

(i) the probable safety of the capital;

(ii) the probable benefits to be derived;

(iii) the probable duration for which that investment may be made;

(iv) the investment objectives specified in Section 51-7-17; and

(v) the investment portfolio as a whole.

(2) A public treasurer shall:

(a) invest public funds in accordance with the prudent investor rule established in Title 75, Chapter 7, Part 9, Utah Uniform Prudent Investor Act;

(b) make public fund investment decisions with the sole purpose of maximizing the risk-adjusted return on the investments; and

(c) to the extent practicable:

(i)(A) retain the right to vote investor proxies; or

(B) if the investments are commingled with another investor's funds, request the right to vote investor proxies; and

(ii) ensure proxy voting is exercised to maximize risk-adjusted returns for the exclusive benefit of beneficiaries.

(3) A public treasurer may sell or otherwise dispose of, at less than cost, any security or investment in which public funds under the public treasurer's jurisdiction have been invested if that sale or other disposition tends to maximize the benefits that may be derived from the changed investment.

(4)(a) A public treasurer shall make proxy voting records available to the state treasurer upon the state treasurer's request.

(b) The state treasurer is subject to the same restrictions on disclosure of the proxy voting records as the originating public treasurer.

Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - Utah Code Title 51. Public Funds and Accounts § 51-7-14. Prudent investor rule for management of investments--Proxy voting--Sale of security or investment for less than cost--State treasurer access - last updated January 01, 2025 | https://codes.findlaw.com/ut/title-51-public-funds-and-accounts/ut-code-sect-51-7-14/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard