N.D. Cent. Code § 6-05.2-05
This is the official text of N.D. Cent. Code § 6-05.2-05, part of North Dakota’s Cent. Code — part of the compiled statutory law of North Dakota, published by the state as "Cent. Code." Browse the sections below, each linked to its official government source.
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6-05.2-05. Uninvested or undistributed funds
Official statutory text
6-05.2-05. Uninvested or undistributed funds
Uninvested or undistributed funds held by a banking institution in a fiduciary capacity must
not be held uninvested or undistributed any longer than is reasonable for the proper
management of the account. Each banking institution exercising fiduciary powers must adopt
and follow written policies and procedures intended to ensure that the maximum rate of return
available for trust-quality, short-term investments is obtained consistent with the requirements of
the governing instrument or law. The policies and procedures must take into consideration all
relevant factors, including the anticipated return that could be obtained while the cash remains
uninvested or undistributed, the cost of investing the funds, and the anticipated need for the
funds.
Uninvested or undistributed funds held by a banking institution in a fiduciary capacity must
not be held uninvested or undistributed any longer than is reasonable for the proper
management of the account. Each banking institution exercising fiduciary powers must adopt
and follow written policies and procedures intended to ensure that the maximum rate of return
available for trust-quality, short-term investments is obtained consistent with the requirements of
the governing instrument or law. The policies and procedures must take into consideration all
relevant factors, including the anticipated return that could be obtained while the cash remains
uninvested or undistributed, the cost of investing the funds, and the anticipated need for the
funds.
Status: in_force · Read it on the official government site
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