Nebraska § 12-1107 Trustees; acceptance of funds; conditions;
powers

Nebraska Statutes

§ 12-1107 — Trustees; acceptance of funds; conditions; powers

Nebraska·Ch. 12 Cemeteries

(1)Banks which do not have a separate trust department and building and loan associations and credit unions acting as trustees under the Burial Pre-Need Sale Act shall accept trust funds only to the extent that the full amount of all of such funds is insured or guaranteed by the Federal Deposit Insurance Corporation or the National Credit Union Share Insurance Fund.

(2)Banks with a separate trust department and trust companies acting as trustees under the Burial Pre-Need Sale Act when investing or reinvesting trust funds shall have the power to deal with such funds as a prudent trustee would deal with the funds and shall have all of the powers granted to a trustee by the Nebraska Uniform Trust Code, but the Uniform Principal and Income Act shall not be applicable and all income, whether

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(1) Banks which do not have a separate trust department
and building and loan associations and credit unions acting as trustees under
the Burial Pre-Need Sale Act shall accept trust funds only to the extent that
the full amount of all of such funds is insured or guaranteed by the Federal Deposit Insurance
Corporation or the National Credit Union Share Insurance Fund.
(2) Banks with a separate trust department and trust companies acting
as trustees under the Burial Pre-Need Sale Act when investing or reinvesting
trust funds shall have the power to deal with such funds as a prudent trustee
would deal with the funds and shall have all of the powers granted to a trustee
by the Nebraska Uniform Trust Code, but the Uniform Principal and Income Act
shall not be applicable and all income, whether from interest, dividends,
capital gains, or any other source, shall be considered as income.

Nebraska § 12-1107 (Trustees; acceptance of funds; conditions; powers) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

Source: Laws 1986, LB 643, § 7; Laws 1992, LB 757, § 14; Laws 1999, LB 107, § 2; Laws 2001, LB 56, § 35; Laws 2003, LB 130, § 112; Laws 2003, LB 131, § 20; Laws 2009, LB259, § 3. Cross References: Nebraska Uniform Trust Code, see section 30-3801. Uniform Principal and Income Act, see section 30-3116.