Uniform Prudent Investor Act

In March 2008, obtained a favorable ruling in an appeal that raised an issue of first impression under the Uniform Prudent Investor Act. The case concerned one of the successor trusts to the historic John Paul Getty Family Trust created in 1934. The district court denied the special trustee’s petition to retroactively adjust amounts of trust income and principal distributed to the trust beneficiary and the trust corpus. The Nevada Supreme Court reversed the district court and held that at a minimum, a special trustee may adjust between principal and income accrued in the year immediately preceding the special trustee’s appointment. In re Orpheus Trust, 124 Nev. Adv. Op. No. 16, 179 P.3d 562 (March 27, 2008).