A ground rent secured upon unencumbered improved real estate located within the Commonwealth shall be an authorized investment if the reserved annual rent, capitalized at the rate of 5% per annum, shall not exceed four-fifth of the fair value of the real estate out of which it issues, determined by appraisal, as in the case of mortgages.
Structure Pennsylvania Consolidated & Unconsolidated Statutes
Pennsylvania Consolidated & Unconsolidated Statutes
Title 20 - DECEDENTS, ESTATES AND FIDUCIARIES
Chapter 73 - Municipalities Investments
Section 7301 - Definition of fiduciary
Section 7302 - Authorized investments; in general
Section 7303 - Government obligations
Section 7304 - Obligations of Federal organizations
Section 7305 - Obligations of Pennsylvania governmental organizations
Section 7307 - Corporate bonds
Section 7309 - Fractional interests
Section 7310.1 - Further investment authority
Section 7313 - Interest-bearing deposit
Section 7314 - Common trust fund and mortgage investment fund
Section 7315 - Retention of investments
Section 7315.1 - Retention of cash; temporary investments
Section 7316 - Life insurance, building and loan shares, and similar assets
Section 7317 - Investments which become unauthorized