Pennsylvania Act 1945-221 — RELATING TO CO-FIDUCIARIES

Act text

RELATING TO CO-FIDUCIARIES
                  Act of May 15, 1945, P.L. 560, No. 221              Cl. 07
                                  AN ACT

     Authorizing individual co-fiduciaries in certain cases to
        consent to holding of investments in the names of their
        corporate co-fiduciaries' nominee; and validating such
        consents heretofore given.

        The General Assembly of the Commonwealth of Pennsylvania
     hereby enacts as follows:

        Section 1.  An individual acting as co-fiduciary with a bank
     and trust company, or trust company, is hereby authorized with
     respect to investments received, held or made by said bank and
     trust company, or trust company, and said individual, as co-
     fiduciaries, to consent to the holding of said investments in
     the name of a nominee of said bank and trust company, or trust
     company, to the same extent that said bank and trust company, or
     trust company, as a sole fiduciary, would be authorized to hold
     such investments in the name of its nominee. Any such consent
     heretofore given by an individual co-fiduciary is hereby
     validated.
        The term "fiduciary" as used herein shall mean an executor,
     an administrator, or a trustee of a trust, created by will,
     deed, declaration of trust, court order, or other instrument, a
     guardian of a minor, or incompetent, or a committee of the
     estate of a lunatic, or habitual drunkard; and the term "co-
     fiduciary" as used herein shall mean a person who is a co-
     executor, a co-administrator, or a co-trustee of a trust,
     created by will, deed, declaration of trust, court order, or
     other instrument, a co-guardian of a minor, or incompetent, or a
     co-committee of the estate of a lunatic, or habitual drunkard.
        Section 2.  Nothing contained herein shall be construed to
     authorize any fiduciary to consent to the doing of any act
     contrary to the directions in regard to investments contained in
     the will, deed or other instrument under which such fiduciary is
     acting.
        Section 3.  All acts and parts of acts inconsistent herewith
     are hereby repealed.
        Section 4.  The provisions of this act shall become effective
     immediately upon final enactment.