(a) Uninvested cash.--A fiduciary may hold cash uninvested:
(1) which he reasonably expects to:
(i) distribute to beneficiaries as income on a quarterly or more frequent basis;
(ii) use for payment of debts, taxes, expenses of administration or reinvestment within the next 90 days; or
(2) when the amount available for investment does not justify the administrative burden of making the investment determined in the light of the facilities available to the fiduciary.
A corporate fiduciary may deposit uninvested funds in its own commercial department.
(b) Temporary investments.--A fiduciary may make temporary investment of funds which he is entitled to hold uninvested or which he wishes to hold in liquid form in short-term interest-bearing obligations or deposits, or other short-term liquid investments, selected in each case in compliance with the standards of section 7302(b) (relating to authorized investments; in general), but without regard to any investment restrictions imposed by the governing instrument and may make a reasonable charge, in addition to all other compensation to which he is entitled, for services rendered in making the temporary investment.
(Oct. 12, 1984, P.L.929, No.182, eff. imd.; Dec. 16, 1992, P.L.1163, No.152, eff. imd.)
1992 Amendment. Act 152 amended subsec. (b). See section 27(b) of Act 152 in the appendix to this title for special provisions relating to applicability.
1984 Amendment. Act 182 added section 7315.1.
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