§ 7315.1. Retention of cash; temporary investments.
(a) Uninvested cash.--A fiduciary may hold cash uninvested:
(1) which he reasonably expects to:
(i) distribute to beneficiaries as income on a quarterly or more frequent basis;
(ii) use for payment of debts, taxes, expenses of administration or reinvestment within the next 90 days; or
(2) when the amount available for investment does not justify the administrative burden of making the investment determined in the light of the facilities available to the fiduciary.
A corporate fiduciary may deposit uninvested funds in its own commercial department.
(b) Temporary investments.--A fiduciary may make temporary investment of funds which he is entitled to hold uninvested or which he wishes to hold in liquid form in short-term interest-bearing obligations or deposits, or other short-term liquid investments, selected in each case in compliance with the standards of section 7302(b) (relating to authorized investments; in general), but without regard to any investment restrictions imposed by the governing instrument and may make a reasonable charge, in addition to all other compensation to which he is entitled, for services rendered in making the temporary investment.
(Oct. 12, 1984, P.L.929, No.182, eff. imd.; Dec. 16, 1992, P.L.1163, No.152, eff. imd.)
1992 Amendment. Act 152 amended subsec. (b). See section 27(b) of Act 152 in the appendix to this title for special provisions relating to applicability.
1984 Amendment. Act 182 added section 7315.1. Section 15 of Act 182 provided that section 7315.1 shall apply to trusts and the estates of decedents, whether the trust was created or the decedent died before, on or after the effective date of Act 182, as well as to funds presently held by the clerks.
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