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Can you summarize 36a CTGS Chapter 665b?
The Banking Law of Connecticut - Chapters 664 to 669 (Secs. 36a-1 to 36a-860a) > Fiduciary Powers - Secs. 36a-350 to 36a-409
Short Summary
This legal document, found within The Banking Law of Connecticut, governs the permitted investments for Connecticut banks when holding funds and assets in a fiduciary capacity. Connecticut banks are allowed to invest in the same investments as trustees under section 45a-203, and additionally, they can invest in other investments authorized by the instrument, judgment, decree, or order creating the trust or fiduciary relationship. They are also permitted to sell or mortgage any real estate held in a fiduciary capacity. The investments must be made with the care of a prudent investor and may include time deposits or savings deposits of the bank, provided the bank is authorized to accept deposits. The document came into effect on January 1, 1995, through P.A. 94-122, S. 163, 340.
Whom does it apply to?
Connecticut banks acting as fiduciaries and their cofiduciaries.
What does it govern?
The legal document found within the General Statutes of Connecticut, specifically within The Banking Law of Connecticut - Chapters 664 to 669 (Secs. 36a-1 to 36a-860a), governs the permitted investments for Connecticut banks when holding funds and assets in a fiduciary capacity.
What are exemptions?
No specific exemptions are mentioned in this document.
What are the Penalties?
No specific penalties are mentioned in this document.
Jurisdiction
Connecticut