2010 Pennsylvania Code
Title 20 - DECEDENTS, ESTATES AND FIDUCIARIES
Chapter 73 - Municipalities Investments
7315 - Retention of investments.

     § 7315.  Retention of investments.
        A fiduciary, if he exercises the same care and prudence as he
     would in the case of an authorized investment, may retain
     without liability for resulting loss:
            (1)  any asset received in kind, even though it is not an
        authorized investment;
            (2)  any asset purchased in reliance upon a construction,
        by the court, of the instrument or a provision contained
        therein even though the court in a subsequent proceeding
        adopts a contrary construction thereof; and
            (3)  shares of stock or other securities (and securities
        received as distributions in respect thereof) of a holding
        company subject to the Federal Bank Holding Company Act of
        1956, as amended, received upon conversion of, or in exchange
        for, shares of stock or other securities of a bank or a
        holding company subject to the Federal Bank Holding Company
        Act of 1956, as amended, which the fiduciary was directed or
        authorized to retain, in the instrument establishing the
        trust or otherwise.
     (June 12, 1973, P.L.62, No.25, eff. imd.; Oct. 12, 1984,
     P.L.929, No.182, eff. imd.)

        1984 Amendment.  Act 182 amended par. (3). Section 15 of Act
     182 provided that the amendment of par. (3) shall apply to
     trusts and the estates of decedents, whether the trust was
     created or the decedent died before, on or after the effective
     date of Act 182, as well as to funds presently held by the
     clerks.