7314 - Common trust fund and mortgage investment fund. - Pennsylvania Statutes

§ 7314. Common trust fund and mortgage investment fund. Any corporate fiduciary and its co-fiduciary, if any, may invest in: (1) Common trust fund.--A common trust fund containing only investments authorized for fiduciaries, established and maintained by the corporate fiduciary or by any affiliate of the corporate fiduciary within the meaning of section 1504 of the Internal Revenue Code and otherwise in conformity with the laws of the Commonwealth and of the United States; and (2) Mortgage investment fund.--A mortgage investment fund containing only mortgages and other investments authorized for fiduciaries, established and maintained by the corporate fiduciary in conformity with the laws of the Commonwealth and of the United States. (Oct. 12, 1984, P.L.929, No.182, eff. imd.) 1984 Amendment. Act 182 amended par. (1). Section 15 of Act 182 provided that the amendment of par. (1) shall apply to trusts and the estates of decedents, whether the trust was created or the decedent died before, on or after the effective date of Act 182, as well as to funds presently held by the clerks.