Section 22-21-79

Published: 2015

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Section 22-21-79

Section 22-21-79Investment of trust funds in corporation's securities.

Unless otherwise directed by the court having jurisdiction thereof or by the document which is the source of authority, a fiduciary may, with the exercise of reasonable business prudence, invest trust funds in securities of the corporation for payment of the principal of, and interest on, which the proceeds of any ad valorem, excise, license or privilege tax are pledged.

(Acts 1949, No. 46, p. 68, §9.)