If one or more trust advisors are given authority by the terms of a governing instrument to direct, consent to, or disapprove a fiduciary‘s investment or distribution decisions, or proposed investment or distribution decisions, such trust advisors shall be considered to be fiduciaries when exercising such authority. For investment decisions, so long as there is at least one fiduciary exercising the authority of the investment advisor pursuant to § 55-1B-10 for the investment, except in the cases of willful misconduct or gross negligence by the fiduciary investment advisor in the selection or monitoring of the nonfiduciary trust advisors, the governing instrument may provide that such other trust advisors acting pursuant to this section are not acting in a fiduciary capacity. Similarly, for distribution decisions, so long as there is at least one fiduciary exercising the authority of the distribution advisor pursuant to § 55-1B-11 for the distribution, except in the case of willful misconduct or gross negligence by the fiduciary distribution advisor in the selection or monitoring of the nonfiduciary trust advisors, the governing instrument may provide that such other trust advisors acting pursuant to this section are not acting in a fiduciary capacity.

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Source: SL 1997, ch 280, § 4; SL 2018, ch 275, § 24; SL 2021, ch 207, § 9.