2017 South Carolina Code of Laws
Title 34 - Banking, Financial Institutions and Money
CHAPTER 21 - BANKS AND CORPORATIONS DOING TRUST BUSINESS
Section 34-21-290. Authority of estates restricted to legal investments.
If the instrument under which a trust institution acts as fiduciary, whether such fiduciary capacity arose before or is created after this article takes effect, shall either expressly or by its silence limit or restrict the investment of moneys of the estate and securities to the class authorized by law as legal investments, the trust institution may, in its capacity as sole fiduciary or with the consent of any person acting with it in a fiduciary capacity, invest and reinvest moneys of the estate in any such common trust fund maintained by the trust institution if the securities composing such fund consist solely of securities of the class authorized as legal investments for funds held by a fiduciary.
HISTORY: 1962 Code Section 8-593; 1955 (49) 538.
