§ 35-3-112 — State and federal bond issues - Reports

Guardians, executors, administrators and trustees shall also be authorized and empowered to invest money and funds in their hands in the bonds of the state, of the United States, or obligations issued separately or collectively by or for federal land banks, federal intermediate credit banks and banks for cooperatives under the act of congress known as the Farm Credit Act of 1971 (85 Stat. 583, 12 U.S.C. § 2001 et seq.) and amendments to that act, or in obligations issued under the Home Owner's Loan Act of congress ( 12 U.S.C. § 1461 et seq.), or notes or bonds secured by mortgage or trust deed insured by the federal housing administrator, or bonds and/or debentures issued by national mortgage associations; also to lend on the security of any such bonds to the extent of eighty-five percent (85%) of their face value; and, in either case, make report thereof to the court where the guardian, executor, administrator or trustee is qualified, unless another mode of investment is required by will or deed of the testator or another person who has established the funds.

Legislative History

Acts 1865, ch. 19, § 2; Shan., § 4281; Acts 1925, ch. 9, § 1; Shan. Supp., § 4281a4; mod. Code 1932, § 8497; Acts 1935, ch. 136, §1; 1935, ch. 187, § 1; 1937, ch. 75, § 1; C. Supp. 1950, §8497; Acts 1976, ch. 585, § 2; T.C.A. (orig. ed.), § 35-312.