N.J.S.A. 17:9A-41 — Powers and obligations of banks

17:9A-41. Powers and obligations of banks Except as by this article otherwise provided, a bank in investing, reinvesting, exchanging, retaining, selling, valuing or otherwise acting with respect to the property of a common trust fund and of a trust estate, shall be subject to and governed by the law of this State applicable to fiduciaries, and such bank shall have the same powers, privileges, rights, immunities, duties and obligations enjoyed by or imposed upon fiduciaries in the administration of trusts other than common trust funds. L.1948, c. 67, p. 229, s. 41. Amended by L.1951, c. 46, p. 170, s. 5.

This is the verbatim text of N.J.S.A. 17:9A-41, retrieved from the New Jersey Legislature's public statute corpus. Statutes are amended periodically — for the most current version, check the external source link above. Kyzer is not a law firm and this page is not legal advice.