§ 7314. Common trust fund and mortgage investment fund.

129 words·~1 min read·/pa/title-20/chapter-73/7314

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Any corporate fiduciary and its co-fiduciary, if any, may invest in:

(1)Common trust fund.-- A common trust fund containing only investments authorized for fiduciaries, established and maintained by the corporate fiduciary or by any affiliate of the corporate fiduciary within the meaning of section 1504 of the Internal Revenue Code and otherwise in conformity with the laws of the Commonwealth and of the United States; and

(2)Mortgage investment fund.-- A mortgage investment fund containing only mortgages and other investments authorized for fiduciaries, established and maintained by the corporate fiduciary in conformity with the laws of the Commonwealth and of the United States.

20c7314v

(Oct. 12, 1984, P.L.929, No.182, eff. imd.)

1984 Amendment. Act 182 amended par. (1).

20c7314.1s