A fiduciary may retain without liability for resulting loss any investment which was authorized when received or made although such investment no longer qualifies as an authorized investment, provided he exercises due care and prudence in the disposition or retention of any such nonlegal investment.
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