§ 15-1-508 — Individual and corporate fiduciaries

(1) For purposes of this part
5, a bank or trust company acting as a fiduciary, alone or jointly with any
cofiduciary, may take any action authorized by this part 5 without regard to the
language or provisions, or any limitations, in the will or trust instrument or other
instrument establishing the fiduciary relationship.

(2) For purposes of this part 5, any fiduciary other than a bank or trust
company may take any action authorized by this part 5, unless limited by the
language or provisions in the will or trust instrument or other instrument
establishing the fiduciary relationship expressing a clear intention that an action
otherwise authorized by this part 5 shall be denied to such fiduciary.

(3) Nothing in subsection (2) of this section shall be construed to limit the
authority of a bank or trust company serving as a cofiduciary with one or more other
fiduciaries or serving as a depository to take any action authorized by this part 5
which it could take if serving as sole fiduciary.

Legislative History

Source: L. 77: Entire part R&RE, p. 827, � 1, effective July 1.