1997 Minnesota Statutes

     48.86 Trust funds; investment of accumulations. 

    Any amount not less than $500 received by any trust company 
 as executor, administrator, guardian, or other trustee, or by 
 order of court, not required for the purposes of such trust, or 
 not to be accounted for within one year, it shall invest as soon 
 as practicable in authorized securities either then held by it 
 or specially procured by it; and the income, less its proper 
 charges, shall become part of the trust estate, and the net 
 accumulations thereon shall be likewise invested, accounted for, 
 and allowed in the settlement of such trust.  

    Except as may be otherwise provided in the governing will, 
 trust agreement, court order or other instrument, any amount in 
 a trust account may be invested in certificates of deposit, 
 share certificates, or savings accounts in any bank or banks, or 
 credit union, if the beneficial owner is a member, provided that 
 such certificates of deposit, share certificates, or savings 
 accounts are fully insured by an agency of the federal 
 government insuring deposits and receive the prevailing rate of 
 interest on such certificates or savings accounts. 

    HIST: (7738) RL s 3043; 1957 c 601 s 18; 1965 c 171 s 24; 1967 
 c 102 s 10; 1993 c 257 s 25