Delaware Code
Chapter 33. ADMINISTRATIVE PROVISIONS
§ 3308. Power of bank or trust company acting as a fiduciary to purchase property held by its commercial or banking department.

(a) A bank or trust company shall not purchase, with funds held by it as a fiduciary, any property held by its commercial or banking department, but this prohibition shall not apply to mortgages and their accompanying bonds designated by its commercial or banking department for future trust investment at the time of acquisition by the commercial or banking department and purchased within 1 year from such time of acquisition with funds held by it in its trust department; provided the interest and taxes are current at the time of purchase by the trust department and an appraisal certificate on the real estate covered by the mortgages being purchased from at least 1 person competent and qualified to appraise real estate is obtained by the trust department at any time within 10 days prior to the purchase by and transfer to the trust department. This exception shall apply to all types of mortgages held by the commercial or banking department, including mortgages covering properties constructed during the 1-year period from the time the mortgages were acquired by the commercial or banking department; provided, with respect to the latter type of mortgages, that an appraisal certificate on the completed property from at least 1 person competent and qualified to appraise such property and a certificate from the owner of the property and/or the registered architect who planned the construction of the property certifying that the construction is complete and satisfactory in every respect, are obtained by the trust department at any time within 10 days prior to the purchase by and transfer to said department.
(b) The commercial or banking department shall make a report monthly to the board of directors of the bank or trust company listing all mortgages designated for trust investment and covering all transactions relating thereto and such report shall be noted in the minutes of the meeting of the board.
(c) The purchase of mortgages and their accompanying bonds permitted by this section shall be made subject to the limitations of the standard set forth in § 3302 of this title.

Structure Delaware Code

Delaware Code

Title 12 - Decedents' Estates and Fiduciary Relations

Chapter 33. ADMINISTRATIVE PROVISIONS

§ 3301. Application of chapter; definitions [For application of this section, see 79 Del. Laws, c. 172, § 6].

§ 3302. Degree of care; authorized investments [For application of this section, see 79 Del. Laws, c. 172, § 6].

§ 3303. Effect of provisions of instrument [For application of this section, see 79 Del. Laws, c. 172, § 6].

§ 3304. Retention by fiduciary of decedent's or settlor's investments.

§ 3305. Retention by bank or trust company acting as a fiduciary of its own stock.

§ 3306. Deviation from terms of instrument.

§ 3307. Common fund investments by bank or trust company; regulations.

§ 3308. Power of bank or trust company acting as a fiduciary to purchase property held by its commercial or banking department.

§ 3309. Identification of securities.

§ 3310. Storage of securities.

§ 3311. Deposit of securities in clearing corporation.

§ 3312. Investments in affiliated investments; transactions with affiliates [For application of this section, see 80 Del. Laws, c. 153, § 5].

§ 3313. Advisers [For application of this section, see 80 Del. Laws, c. 153, § 5].

§ 3313A. Excluded cotrustee.

§ 3314. Limitation on certain fiduciary powers.

§ 3315. Trustee's exercise of discretion; review by court; discretionary interests.

§ 3316. Substituted property; equivalent value; fiduciary duty.

§ 3317. Cofiduciaries and co-nonfiduciaries; duty to keep informed.

§ 3321. Applicability of chapter; definitions.

§ 3322. Fiduciary agency contracts; delegation.

§ 3323. Cofiduciaries and co-nonfiduciaries.

§ 3324. General powers of trustee.

§ 3325. Specific powers of trustee [For application of this section, see 79 Del. Laws, c. 172, § 6; 80 Del. Laws, c. 153, § 5].

§ 3326. Resignation of an officeholder.

§ 3327. Removal of an officeholder.

§ 3328. Limitation on personal liability of fiduciary.

§ 3329. Effect of no-contest provision.

§ 3330. Construction or interpretation affecting validity under rule against perpetuities, applicability of later-enacted laws, and class determination; effect of survivorship requirement.

§ 3331. Preference for early vesting [For application of the section, see 83 Del. Laws, c. 271, § 1].

§ 3332. Governing law; change of situs [For application of this section, see 80 Del. Laws, c. 153, § 5].

§ 3333. Retention of counsel by fiduciary [For application of this section, see 79 Del. Laws, c. 172, § 6; 80 Del. Laws, c. 153, § 5].

§ 3334. Contributions to revocable trusts [For application of this section, see 79 Del. Laws, c. 172, § 6].

§ 3335. Effect of formula clauses in certain wills and trusts.

§ 3336. Appointment of successor trustee [For application of this section, see 79 Del. Laws, c. 172, § 6].

§ 3337. Claims against revocable trusts [For application of this section, see 79 Del. Laws, c. 172, § 6].

§ 3338. Nonjudicial settlement agreements [For application of this section, see 79 Del. Laws, c. 172, § 6; 80 Del. Laws, c. 153, § 5].

§ 3339. Designated representatives of trusts.

§ 3340. Place of administration [For application of this section, see 80 Del. Laws, c. 153, § 5].

§ 3341. Consequences of trust merger and similar transactions [For application of this section, see 80 Del. Laws, c. 153, § 5].

§ 3342. Modification of trust by consent while trustor is living.

§ 3343. Authority to allocate trustee duties among multiple trustees.

§ 3344. Income tax reimbursement or payment.