17:9A-41 - Powers and obligations of banks
17:9A-41.Ā Powers and obligations of banks
Except as by this article otherwise provided, a bank in investing, reinvesting, exchanging, retaining, selling, valuing or otherwise acting with respect to the property of a common trust fund and of a trust estate, shall be subject to and governed by the law of this State applicable to fiduciaries, andĀ such bank shall have the same powers, privileges, rights, immunities, dutiesĀ and obligations enjoyed by or imposed upon fiduciaries in the administration ofĀ trusts other than common trust funds.
L.1948, c. 67, p. 229, s. 41.Ā Amended by L.1951, c. 46, p. 170, s. 5.
Ā
Except as by this article otherwise provided, a bank in investing, reinvesting, exchanging, retaining, selling, valuing or otherwise acting with respect to the property of a common trust fund and of a trust estate, shall be subject to and governed by the law of this State applicable to fiduciaries, andĀ such bank shall have the same powers, privileges, rights, immunities, dutiesĀ and obligations enjoyed by or imposed upon fiduciaries in the administration ofĀ trusts other than common trust funds.
L.1948, c. 67, p. 229, s. 41.Ā Amended by L.1951, c. 46, p. 170, s. 5.
Ā
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