The provisions of this chapter shall govern trustees, guardians and other fiduciaries, hereafter in this chapter called “fiduciaries”, acting under wills, agreements, court orders and other instruments now existing or hereafter made.
In acquiring, investing, reinvesting, exchanging, retaining, selling and managing property for the benefit of another, fiduciaries shall exercise the judgment and care under the circumstances then prevailing, which men of prudence, discretion and intelligence exercise in the management of their affairs, not in regard to speculation but in regard to the permanent disposition of their […]
(a) Nothing contained in this chapter shall be construed as authorizing any departure from, or variation of, the express terms or limitations set forth in any will, agreement, court order or other instrument creating or defining the fiduciary’s duties and powers. (b) The terms “legal investment” or “authorized investment” or words of similar import, as […]
Unless expressly provided otherwise in any instrument specified in subsection (a) of section 1003 of this title, any provisions in any such instrument prescribing, defining or limiting the kind of property in which the funds of the trust to which such instrument relates shall be invested shall not apply to any property owned by a […]
Unless expressly provided otherwise in any instrument specified in subsection (a) of section 1003 of this title, a bank or trust company acting as a fiduciary and authorized so to act may retain in a trust estate shares of its own capital stock acquired in any manner referred to in section 1004 of this title, […]
Nothing contained in this chapter shall be construed as restricting the power of a court of proper jurisdiction to permit fiduciaries to deviate from the terms of any will, agreement, or other instrument relating to the acquisition, investment, reinvestment, exchange, retention, sale or management of fiduciary property.
A bank or trust company authorized to act in a fiduciary capacity and acting in such capacity, other than merely as agent, may invest funds held by it for investment as fiduciary in fractional undivided interests in a common fund composed exclusively of property permitted for investment by the terms of section 1002 of this […]
(a) A bank or trust company shall not purchase, with funds held by it as a fiduciary, any property held by its commercial or banking department, but this prohibition shall not apply to mortgages and their accompanying bonds designated by its commercial or banking department for future trust investment at the time of acquisition by […]
