RCW 11.100.030
Investment in savings accounts—Requirements.
A corporation doing a trust business may invest trust funds in savings accounts with itself to the extent that deposits are insured by an agency of the federal government. Additional trust funds may be so invested by the corporation only if it first sets aside under the control of its trust department as collateral security:
(1) Direct obligations of the United States or other obligations fully guaranteed by the United States as to principal and interest; or
(2) Bonds or other obligations which constitute general obligations of any state of the United States or municipal subdivision thereof.
The securities so deposited or securities substituted therefor as collateral shall at all times be at least equal in market value to the amount of the funds so deposited.
[ 1985 c 30 § 68. Prior: 1984 c 149 § 101; 1967 c 133 § 3; 1955 c 33 § 30.24.030; prior: 1947 c 100 § 3; Rem. Supp. 1947 § 3255-10c. Formerly RCW 30.24.030.]
NOTES:
Short title—Application—Purpose—Severability—1985 c 30: See RCW 11.02.900 through 11.02.903.
Severability—Effective dates—1984 c 149: See notes following RCW 11.02.005.
Structure Revised Code of Washington
Title 11 - Probate and Trust Law
Chapter 11.100 - Investment of Trust Funds.
11.100.010 - Provisions of chapter to control—Alteration by controlling instrument.
11.100.015 - Guardians, guardianships and funds are subject to chapter.
11.100.020 - Management of trust assets by fiduciary.
11.100.023 - Authority of fiduciary to invest in certain enterprises.
11.100.025 - Spousal or domestic partnership deduction interests.
11.100.030 - Investment in savings accounts—Requirements.
11.100.035 - Investments in securities of certain investment trusts.
11.100.040 - Court may permit deviation from terms of trust instrument.
11.100.045 - Fiduciary—Duty to beneficiaries.
11.100.047 - Fiduciary—Duty to diversify.
11.100.050 - Scope of chapter—RCW 11.68.090 prevails.
11.100.060 - Fiduciary may hold and retain trust property—Investments—Liability.
11.100.070 - Meaning of terms in trust instrument.
11.100.090 - Dealings with self or affiliate.
11.100.120 - Use of trust funds for life insurance.
11.100.140 - Notice and procedure for nonroutine transactions.