6-434. Shares and accounts of certain
associations as legal investments; deposit of fiduciary
monies
A. All accounts of a federal savings and loan association and all accounts of a
savings and loan association operating under the provisions of this chapter, whose
accounts are insured by the federal deposit insurance corporation, as provided in title
IV of the national housing act, as now or hereafter amended, are legal investments for
the funds of executors, administrators, guardians, receivers and trustees of every kind
and nature and insurance companies, and such associations are qualified to act as trustee
or custodian within the provisions of the federal self-employed individual's tax
retirement act of 1962, as amended.
B. Monies held by a savings and loan association as fiduciary may be deposited to
the credit of the savings and loan association on time or demand account with itself or
with any bank or other savings and loan association the deposits of which are insured by
instrumentalities of, or corporations chartered by, the United States for the purpose of
insuring the accounts of banks or savings and loan associations. Unless otherwise
provided by the writing creating the trust, if the monies are deposited with itself the
savings and loan association shall secure the deposits with securities described in
section 6-446, subsection A, paragraphs 1 and 2 or other security approved by the
superintendent for such a purpose, in the amount of the deposit, less the amount by which
the deposits are insured by the federal deposit insurance corporation or such other
instrumentality of, or corporation chartered by, the United States as may be established
for the purpose of insuring the accounts of savings and loan associations.
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