§ 7302. Authorized investments; in general.
(a) Specifically authorized.--Subject only to the provisions of the governing instrument, if any, a fiduciary may
accept, hold, invest in, and retain, any of the investments authorized by this chapter,
and shall not be liable for loss on such investments so long as he exercises due care
and prudence in the performance of his duties in regard to them. "Legal investment"
or "authorized investment" or words of similar import used in a trust instrument shall
be construed to mean any investment authorized by this chapter.
(b) Prudent man rule.--Any investment shall be an authorized investment if purchased or retained in the exercise
of that degree of judgment and care, under the circumstances then prevailing, which
men of prudence, discretion and intelligence exercise in the management of their own
affairs, not in regard to speculation, but in regard to the permanent disposition
of their funds, considering the probable income to be derived therefrom as well as
the probable safety of their capital. The authorization to make and retain investments
pursuant to this subsection shall be in addition to, and independent of, authorizations
to make investments pursuant to other provisions of this chapter and requirements
applicable under other provisions of this chapter shall not affect investments also
authorized by this subsection.
Cross References. Section 7302 is referred to in section 7315.1 of this title.
Notes of Decisions
In Re Inter Vivos Trust of Mendenhall (1979)
pa · cites it 2×
“" [5] The Restatement's "possession rule" and "representation rule" are not inconsistent with section 7302(b) of the Probate, Estates and Fiduciaries Code, 20 Pa.C.S. § 7302(b), which sets a minimum standard of performance for fiduciaries.”
In Re Estate of Geniviva (1996)
pasuperct
“The executor asserts that he acted in accordance with the dictates of the prudent man rule as set forth in 20 Pa.C.S. § 7302(b). This rule permits a fiduciary to retain an interest in an investment without suffering from personal liability so long as he exercises the level of…”
In Re White (1984)
pa · cites it 2×
“A fiduciary, is required in managing the assets of a trust estate, to exercise care, skill and the judgment of an ordinarily prudent person, 20 Pa.C.S. § 7302(b). Good intentions alone are insufficient.”
Estate of Stetson (1975)
pa · cites it 2×
“164, § 3; and replaced by the Decedents, Estates and Fiduciaries Code, 20 Pa.C.S. § 7302(a) (Special Pamphlet, 1975).”
Estate of McCredy (1983)
pa
“The argument is based on the Pennsylvania rule of fiduciary investment care, codified in the Decedents, Estates, and Fiduciaries Code at 20 Pa.C.S. § 7302: Authorized investments; in general (a) Specifically authorized.”
Killey Trust (1974)
pa
“The Restatement is in harmony with section 7302(b) of the Probate, Estates and Fiduciaries Code, 20 Pa.C.S. § 7302(b) (Special Pamphlet, 1974) which provides in pertinent part: “Any investment shall be an authorized investment if purchased or retained in the exercise of that…”
Mason-Dixon Resorts, L.P. v. Pennsylvania Gaming Control Board (2012)
pa
“20 Pa.C.S. § 7302(b). In Station Square, this Court was presented with the question of the proper standard of care to be applied by the Board in making its determinations, but the majority opinion treated the question only as one regarding the standard of review by this Court on…”
In Re Barnes Foundation (1996)
pasuperct
“20 Pa.C.S. § 7302 et seq. 2. As to the restriction on society functions appellant sought a clarification from the Court to the effect that functions which have as their purpose the raising of funds for the exclusive benefit of The Barnes Foundation not be *248 considered…”
In re Consolidated Return of the Tax Claim Bureau (1983)
pacommwct
“Section 7302 of the Probate, Estates and Fiduciaries Code, 20 Pa. C. S. §7302. The trial judge points out that in some cases, the failure of the fiduciary to invest may result in a surcharge.”
Fisher Estate (1976)
pactcomplmontgo
“164), 20 Pa.C.S. §7302, which provides as follows: “(a) Specifically authorized.”
Thayer Trust (1975)
pactcomplmontgo
“164), 20 Pa. C.S. §7302. In these circumstances, we believe that employment of specialized investment counsel at the cost of the estate is not significantly different in general than purchasing insurance or otherwise guarding and protecting the estate assets from any other type…”
— 20 Pa. Cons. Stat. § 7302(a) — 1 case
Estate of Stetson (1975)
pa
“164, § 3; and replaced by the Decedents, Estates and Fiduciaries Code, 20 Pa.C.S. § 7302(a) (Special Pamphlet, 1975).”
— 20 Pa. Cons. Stat. § 7302(b) — 7 cases
In Re Inter Vivos Trust of Mendenhall (1979)
pa
“" [5] The Restatement's "possession rule" and "representation rule" are not inconsistent with section 7302(b) of the Probate, Estates and Fiduciaries Code, 20 Pa.C.S. § 7302(b), which sets a minimum standard of performance for fiduciaries.”
In Re Estate of Geniviva (1996)
pasuperct
“The executor asserts that he acted in accordance with the dictates of the prudent man rule as set forth in 20 Pa.C.S. § 7302(b). This rule permits a fiduciary to retain an interest in an investment without suffering from personal liability so long as he exercises the level of…”
In Re White (1984)
pa
“A fiduciary, is required in managing the assets of a trust estate, to exercise care, skill and the judgment of an ordinarily prudent person, 20 Pa.C.S. § 7302(b). Good intentions alone are insufficient.”
Killey Trust (1974)
pa
“The Restatement is in harmony with section 7302(b) of the Probate, Estates and Fiduciaries Code, 20 Pa.C.S. § 7302(b) (Special Pamphlet, 1974) which provides in pertinent part: “Any investment shall be an authorized investment if purchased or retained in the exercise of that…”
Annotations are extracted automatically from the opinions in the
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treatment. Dots show Syfertize treatment of the citing case itself.