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§ 7315.1. Retention of cash; temporary investments

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 20 Pa.C.S.A. Decedents, Estates and Fiduciaries

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 20 Pa.C.S.A. Decedents, Estates and Fiduciaries (Refs & Annos)
Chapter 73. Municipalities Investments (Refs & Annos)
20 Pa.C.S.A. § 7315.1
§ 7315.1. Retention of cash; temporary investments
Currentness
(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.

Credits

1984, Oct. 12, P.L. 929, No. 182, § 12, imd. effective. Amended 1992, Dec. 16, P.L. 1163, No. 152, § 25, imd. effective.
20 Pa.C.S.A. § 7315.1, PA ST 20 Pa.C.S.A. § 7315.1
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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