Cross References
Uniform Fiduciaries Act, see chapter 556.
§412:8-401 Trust funds awaiting investment. (a) Except as may be otherwise provided by the terms of the trust, a trust company holding trust funds awaiting investment, distribution, or other use shall place any funds in excess of $100 or an amount equal to the aggregate sum it holds in trust in an interest-bearing account within a reasonable time and such interest shall be credited to the account of the trust whose funds are awaiting investment, distribution, or other use.
(b) This section shall not apply to funds held by the trust company as personal representative or guardian.
(c) The trust company shall be accountable for no other interest on such funds except as required by this section.
(d) Nothing in this section shall relieve the trust company from the obligation to invest all funds held in trust by it as required by law or the terms of the trust instrument. [L 1993, c 350, pt of §1]
Section: Previous 412-8-202 412-8-203 412-8-204 412-8-300 412-8-301 412-8-302 412-8-400 412-8-401 412-8-402 412-8-403 412-9-100 412-9-101 412-9-102 412-9-103 412-9-200 NextLast modified: October 27, 2016