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This entry was published on 2014-09-22
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SECTION 100-D
Foreign common trust funds
Banking (BNK) CHAPTER 2, ARTICLE 3
§ 100-d. Foreign common trust funds. Any banking corporation or trust
company incorporated under the laws of another state which is qualified
to act as executor or testamentary trustee in this state pursuant to
subdivision three of section one hundred thirty-one of the banking law
may, when acting in either such capacity, invest any moneys received and
held by it in such capacity, either alone or in conjunction with one or
more other persons acting with it in such capacity, in any common trust
fund or funds maintained by it in accordance with the laws of the state
of its incorporation; provided that the will under which it is acting
does not specifically prohibit such investment and that the will under
which it is acting shall authorize the investment of such moneys in any
of the following; (a) in such a common trust fund; (b) in such
investments as such fiduciary or fiduciaries under such will may select
in the discretion of such fiduciary or fiduciaries; (c) generally in
investments other than those in which trustees are by law authorized to
invest trust funds; and provided that any banking corporation or trust
company incorporated under the laws of this state is permitted by the
laws of the state of incorporation of such foreign banking corporation
or trust company, when acting in similar fiduciary capacity in that
state, to invest any moneys received and held by it in such capacity in
any common trust fund or funds maintained by it in accordance with the
laws of this state.