§ 403. Actions required, permitted or prohibited in fiduciary capacity
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 7 P.S. Banks and BankingEffective: December 24, 2012
Effective: December 24, 2012
7 P.S. § 403
§ 403. Actions required, permitted or prohibited in fiduciary capacity
The following rules shall be applicable to an institution acting in any capacity provided for under section 402.1
(ii) if the institution is a bank and trust company or a savings bank, in its commercial, savings or other department where the funds may be used in the conduct of its business and, for an account for which the institution is acting as a fiduciary under section 402(a)(i), to the extent so deposited in an amount in excess of insurance provided by the Federal Deposit Insurance Corporation, shall be secured by a pledge of obligations or securities that are permissible as an investment of the institution.
(e) Power to give bonds and security--The institution may give its own bond and pledge its assets as security for the faithful performance by it of its duties as fiduciary or as surety for such faithful performance by any co-fiduciary, in any case in which such bond may be required despite subsection (d) of this section.
(ii) assets earmarked for future investment as fiduciary at the time of acquisition by the institution and purchased with funds or exchanged for property held in a fiduciary account within two years of the date of such acquisition, subject to the requirement that there be a monthly report to the directors, which shall be noted in the minutes and kept on file by the institution, of property earmarked for future trust investment and of all transactions with respect to such property,
(iii) an undivided interest in a security or in an obligation secured by a lien on real estate, to the extent permitted by section 405,2 or
Credits
1965, Nov. 30, P.L. 847, No. 356, § 403. Amended 1981, April 16, P.L. 9, No. 4, § 1, imd. effective. Affected 2000, Nov. 22, P.L. 660, No. 89, § 8, imd. effective. Amended 2012, Oct. 24, P.L. 1336, No. 170, § 21, effective in 60 days [Dec. 24, 2012].
7 P.S. § 403, PA ST 7 P.S. § 403
Current through the end of the 2023 Regular Session. Some statute sections may be more current, see credits for details.
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