§412:8-401  Trust funds awaitinginvestment.  (a)  Except as may be otherwise provided by the terms of thetrust, a trust company holding trust funds awaiting investment, distribution,or other use shall place any funds in excess of $100 or an amount equal to theaggregate sum it holds in trust in an interest-bearing account within areasonable time and such interest shall be credited to the account of the trustwhose funds are awaiting investment, distribution, or other use.

(b)  This section shall not apply to funds heldby the trust company as personal representative or guardian.

(c)  The trust company shall be accountable forno other interest on such funds except as required by this section.

(d)  Nothing in this section shall relieve thetrust company from the obligation to invest all funds held in trust by it asrequired by law or the terms of the trust instrument. [L 1993, c 350, pt of §1]