Coverage note: this corpus holds the
consolidated Pa.C.S. titles only. Unconsolidated P.S. statutes (UTPCPL 73 P.S. § 201-1, Liquor Code, wage payment laws) are not included; a miss here does not mean the statute does not exist. Check
palegis.us.
§ 7209. Mutual funds.
Notwithstanding that a bank or trust company or an affiliate provides services to
the investment company or investment trust, including that of an investment advisor,
custodian, transfer agent, registrar, sponsor, distributor or manager, and receives
reasonable compensation for those services and notwithstanding any other provision
of law, a bank or trust company acting as a fiduciary, agent or otherwise may invest
and reinvest in a mutual fund if the portfolio of the mutual fund consists substantially
of investments not prohibited by the governing instrument. With respect to any funds
invested, the basis upon which compensation is calculated, expressed as a percentage
of asset value or otherwise, shall be disclosed by prospectus, account statement or
otherwise to all persons to whom statements of the account are rendered.
Cross References. Section 7209 is referred to in section 7772 of this title.
Notes of Decisions
Walden v. The Bank of New York Mellon Corp. (W.D. Pa. 2024).
· cites it 2× “BNY Mellon has cited to no case law, and this Court has not independently found any, which apply 20 Pa.C.S. §§ 7209, 7211, 7772(c)(4) and (5), and 7772(h) to investment advisors who are not operating under a trust.”
Walden v. The Bank of New York Mellon Corp. (W.D. Pa. 2024).
“9 (“Regulation 9”) (providing that a national bank may invest a client’s assets in AMFs if authorized by the law of the state governing the fiduciary relationship); 20 Pa. C.S. §§ 7209, 7211, 7772(c)(4), (c)(5), (h)(2), (h)(4), (h)(6) (providing investments in AMFs are not…”
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