12-1107 Trustees; acceptance of funds; conditions; powers. - Nebraska Statutes

12-1107. Trustees; acceptance of funds; conditions;powers.(1) Banks which do not have a separate trust departmentand building and loan associations and credit unions acting as trustees underthe Burial Pre-Need Sale Act shall accept trust funds only to the extent thatthe full amount of all of such funds is insured or guaranteed by the Federal Deposit InsuranceCorporation or the National Credit Union Share Insurance Fund.(2) Banks with a separate trust department and trust companies actingas trustees under the Burial Pre-Need Sale Act when investing or reinvestingtrust funds shall have the power to deal with such funds as a prudent trusteewould deal with the funds and shall have all of the powers granted to a trusteeby the Nebraska Uniform Trust Code, but the Uniform Principal and Income Actshall not be applicable and all income, whether from interest, dividends,capital gains, or any other source, shall be considered as income. SourceLaws 1986, LB 643, § 7; Laws 1992, LB 757, § 14; Laws 1999, LB 107, § 2; Laws 2001, LB 56, § 35; Laws 2003, LB 130, § 112; Laws 2003, LB 131, § 20; Laws 2009, LB259, § 3. Cross ReferencesNebraska Uniform Trust Code, see section 30-3801.Uniform Principal and Income Act, see section 30-3116.