Wis. Admin. Code Department of Financial Institutions DFI-SL 17.09 - Investment of funds held as fiduciary
(1) PRIVATE TRUSTS.
Funds held by an association in a fiduciary capacity shall be invested in
accordance with the instrument establishing the fiduciary relationship and
local law. If the instrument does not specify the character or class of
investments to be made and does not give the association, its directors, or its
officers investment discretion in the matter, funds held under the instrument
may be invested in any investment in which state chartered corporate
fiduciaries may invest under local law.
(2) COURT TRUSTS. If, under local law,
corporate fiduciaries appointed by a court are permitted to exercise discretion
in investments, or if an association acting as fiduciary under appointment by a
court is vested with discretion in investments by an order of the court, funds
of the accounts may be invested in any investments which are permitted by local
law. Otherwise, an association acting as fiduciary under appointment by a court
shall make all investments of funds in such accounts under an order of that
court. The orders in either case shall be preserved with the fiduciary records
of the association.
(3) COLLECTIVE
INVESTMENT OF TRUST FUNDS. The collective investment of funds received or held
by an association as fiduciary is governed by ss.
DFI-SL
17.13 and
17.14.
Notes
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