17:9A-41 - Powers and obligations of banks - New Jersey Statutes

17:9A-41.  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, and  such bank shall have the same powers, privileges, rights, immunities, duties  and obligations enjoyed by or imposed upon fiduciaries in the administration of  trusts other than common trust funds.

     L.1948, c. 67, p. 229, s. 41.  Amended by L.1951, c. 46, p. 170, s. 5.