Funds held by a trust company in a fiduciary capacity that are awaiting investment or distribution shall not be held uninvested or undistributed any longer than is reasonable for the proper management of the account. Funds held in trust by a trust company awaiting investment or distribution may, unless prohibited by the instrument creating the trust, be deposited in an account with the trust company as provided in section 11-109-201 (1)(d).
Source: L. 2003: Entire article added with relocations, p. 1205, § 3, effective July 1.
Editor's note: This section is similar to former § 11-23-113 as it existed prior to 2003.