§ 6-05-10 — Discretionary power of investment - Limitations

North Dakota § 6-05-10

• Jurisdiction: North Dakota
• Title 6: Banks and Banking
• Ch. 6-05: Annuity, Safe Deposit, Surety, and Trust Companies

Text

The directors of any such corporation have discretionary power to invest all moneys
received by it on deposit or in trust, and the investment or deposit of which otherwise may not
be limited or directed, in such securities as are herein authorized. The corporation is responsible
to the owners or beneficiaries of such moneys, for the validity, regularity, quality, value, and
genuineness of all such investments and securities at the time said investments are so made,
and for the safekeeping of the evidences and securities thereof. If any special direction,
limitation, agreement, or trust is imposed, made or conferred in and by the order, judgment,
decree, will, contract, deed, conveyance, or other written instrument, as to the particular
manner, or the particular class or kinds of securities, funds, or property, whether real or
personal, in which the moneys must be invested, the corporation shall follow and carry out such
order, judgment, decree, contract, deed, or other written instrument or instruction, and may not
be held liable or responsible for any loss, damage, or injury which may occur to or be incurred
by any person or beneficiary by reason of its proper performance of such trust, and the
directions or limitations thereof.