72-34-311. Deposits.
72-34-311. Deposits. (1) The trustee has the power to deposit trust funds at reasonable interest with any of the following:
(a) an insured commercial or savings bank;
(b) an insured building and loan association; or
(c) an insured credit union.
(2) A trustee may deposit trust funds as described in subsection (1) in a financial institution operated by, or that is an affiliate of, the trustee. For the purpose of this subsection, "affiliate" means a corporation that directly or indirectly through one or more intermediaries controls, is controlled by, or is under common control with another domestic or foreign corporation.
(3) This section does not limit the power of a trustee in a proper case to deposit trust funds in institutions as described in subsection (1) that are subject to notice or other conditions respecting withdrawal prescribed by law or governmental regulation.
(4) Nothing in this section prevents the trustee from holding an amount of trust property reasonably necessary for the orderly administration of the trust in the form of cash or in a checking account without interest.
History: En. Sec. 114, Ch. 685, L. 1989.