Pennsylvania Code
Title 10 - BANKING AND SECURITIES
Part III - Savings Association Bureau
Chapter 31a - TRUST POWERS
Section 31a.7 - Investment of funds held as fiduciary

(a) Private trusts. Funds held by an association in a fiduciary capacity shall be invested in accordance with the instrument establishing the fiduciary relationship and State law. When such instrument does not specify the character or class of investments to be made and does not vest in the association, its directors, or its officers investment discretion in the matter, funds held under such instrument shall be invested in any investment in which the trust departments of Pennsylvania state-chartered banking institutions may invest.

(b) Court trusts. If corporate fiduciaries appointed by a court are permitted to exercise discretion in investments, or if an association acting as fiduciary under appointment by a court is vested with discretion in investments by an order of such court, funds of such accounts may be invested in any investments which are permitted by State law for trust departments of Pennsylvania state-chartered banking institutions. Otherwise, an association acting as fiduciary under appointment by a court must make all investments of funds in such accounts under an order of that court. Such orders in either case shall be preserved with the fiduciary records of the association.

(c) Collective investment of trust funds. The collective investment of funds received or held by an association as fiduciary is governed by § 31a.11 (relating to collective investment).