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§ 402. Powers to act as fiduciary and in other representative capacities

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 7 P.S. Banks and Banking

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 7 P.S. Banks and Banking (Refs & Annos)
Banking Code of 1965 (Refs & Annos)
Chapter 4. Fiduciary and Other Representative Powers (Refs & Annos)
7 P.S. § 402
§ 402. Powers to act as fiduciary and in other representative capacities
(a) An institution may act, alone or with others, as:
(i) fiduciary,
(ii) investment advisor,
(iii) custodian of property,
(iv) agent or attorney-in-fact,
(v) registrar or transfer agent of securities,
(vi) fiscal agent of the United States, a state or a political subdivision thereof, a public body, a corporation or an individual,
(vii) treasurer of a political subdivision or public body or of a nonprofit corporation, and
(viii) insurer of titles to, mortgages on and other interests in real estate--if the institution qualifies under the provisions of section 406.1
(b) An institution shall have, in respect of any capacity in which it may act pursuant to a power under subsection (a) of this section, all the rights and duties which an individual or a corporation has in such capacity under applicable law and under the terms upon which the institution is designated to act in such capacity.

Credits

1965, Nov. 30, P.L. 847, No. 356, § 402.

Footnotes

7 P.S. § 406.
7 P.S. § 402, PA ST 7 P.S. § 402
Current through 2022 Regular Session Act 40. Some statute sections may be more current, see credits for details.
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