412:8-401 Trust funds awaiting investment. (a) Except as may be otherwise provided by the terms of the trust, a trust company holding trust funds awaiting investment, distribution, or other use shall place any funds in excess of $100 or an amount equal to the aggregate sum it holds in trust in an interest-bearing account within a reasonable time and such interest shall be credited to the account of the trust whose funds are awaiting investment, distribution, or other use.

(b) This section shall not apply to funds held by the trust company as personal representative or guardian.

(c) The trust company shall be accountable for no other interest on such funds except as required by this section.

(d) Nothing in this section shall relieve the trust company from the obligation to invest all funds held in trust by it as required by law or the terms of the trust instrument. [L 1993, c 350, pt of 1]

 

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