§ 30-3208 — Bank or trust company; powers

(1) Notwithstanding the provisions of sections 30-3201 and 30-3207 , any bank or trust company qualified to act as fiduciary in this state may:
(a) Establish and maintain common trust funds for the collective investment of funds held in any fiduciary capacity by it or by another bank or trust company which is owned or controlled by a corporation which owns or controls such bank or trust company; and
(b) As a fiduciary or cofiduciary, invest funds which it holds for investment in common trust funds established and maintained by another bank or trust company which is owned or controlled by a corporation which owns or controls such bank or trust company if such investment is not prohibited by the instrument, judgment, decree, or order creating such fiduciary relationship.
(2) To the extent not inconsistent with this section, sections 30-3201 to 30-3203 and 30-3207 shall apply to the establishment and maintenance of, and investment in common trust funds under this section.
(3) This section shall apply to fiduciary relationships now in existence or hereafter created.

Legislative History

Source: Laws 1982, LB 951, § 1; R.S.1943, (1985), § 24-601.05.