Senate Bill 2936

AN ACT TO AMEND SECTION 91-13-6, MISSISSIPPI CODE OF 1972, TO ALLOW TRUSTEES, GUARDIANS, ADMINISTRATORS, EXECUTORS AND OTHER FIDUCIARIES TO, WITHOUT COURT ORDER, INVEST OR DEPOSIT FUNDS HELD IN A FIDUCIARY CAPACITY IN ACCOUNTS IN ANY STATE OR FEDERAL CREDIT UNION WHOSE MAIN OFFICE IS LOCATED IN THIS STATE IF THE DEPOSITS ARE INSURED BY THE NATIONAL CREDIT UNION ADMINISTRATION; AND FOR RELATED PURPOSES.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. Section 91-13-6, Mississippi Code of 1972, is amended as follows:

91-13-6. All trustees, guardians, administrators, executors and other fiduciaries may, without court order, if not prohibited by the instrument, judgment, decree or order establishing the fiduciary relationship, invest or deposit funds held in a fiduciary capacity in time certificates of deposit, savings accounts or other interest-bearing accounts of:

(a) Any state or national bank (including itself, if such fiduciary be a bank) whose main office is located in the state and the deposits of which are insured by the Federal Deposit Insurance Corporation;

(b) Any state or federal savings and loan association (including itself, if such fiduciary be a savings and loan association) whose main office is located in the state and the deposits of which are insured by the Federal Savings and Loan Insurance Corporation; or

(c) Any state or federal credit union whose main office is located in this state and the deposits of which are insured by the National Credit Union Administration.

SECTION 2. This act shall take effect and be in force from and after July 1, 2011.