2010 Pennsylvania Code
Title 20 - DECEDENTS, ESTATES AND FIDUCIARIES
Chapter 72 - Prudent Investor Rule
7201 - Definitions.

                                CHAPTER 72
                          PRUDENT INVESTOR RULE

     Sec.
     7201.  Definitions.
     7202.  Default rule.
     7203.  Prudent investor rule.
     7204.  Diversification.
     7205.  Retention of inception assets.
     7206.  Delegation.
     7207.  Retention of cash; temporary investments.
     7208.  Life insurance.
     7209.  Mutual funds.
     7210.  Common trust fund and mortgage investment fund.
     7211.  Further investment authority.
     7212.  Degree of care.
     7213.  Judgment of fiduciary's decisions.
     7214.  Language invoking chapter.

        Enactment.  Chapter 72 was added June 25, 1999, P.L.212,
     No.28, effective in six months unless otherwise noted.
        Special Provisions in Appendix.  See section 6 of Act 28 of
     1999 in the appendix to this title for special provisions
     relating to applicability.
        Cross References.  Chapter 72 is referred to in sections
     5145, 7780.6 of this title; section 5548 of Title 15
     (Corporations and Unincorporated Associations).
     § 7201.  Definitions.
        The following words and phrases when used in this chapter
     shall have the meanings given to them in this section unless the
     context clearly indicates otherwise:
        "Fiduciary."  Includes guardians and trustees, whether
     domiciliary or ancillary, individual or corporate, subject to
     the jurisdiction of the orphans' court. The term shall not
     include a custodian under Chapter 53 (relating to Pennsylvania
     Uniform Transfers to Minors Act), an agent acting under a power
     of attorney, a personal representative, an administrator of a
     municipal pension or retirement plan or a person whose fiduciary
     duties are, by statute, governed by the principles of Chapter 73
     (relating to municipalities investments).
        "Mutual fund."  The securities of an investment company
     registered under the Investment Company Act of 1940 (54 Stat.
     789, 15 U.S.C. § 80a-1 et seq.).
        "Trust."  Includes guardianships and trusts subject to the
     jurisdiction of the orphans' court and having property owned or
     managed by a fiduciary. The term shall not include
     custodianships, agencies created by a power of attorney,
     decedents' estates or municipal pension or retirement plans.
     (July 7, 2006, P.L.625, No.98, eff. imd.)

        2006 Amendment.  Act 98 amended the def. of "mutual fund."