§ 100-b. Investments as fiduciary; when interest is to be paid;\npreference. 1. Investments. All investments of money received by any\ntrust company as executor, administrator, guardian, trustee of a trust\nof any kind, receiver, committee, conservator or depositary, shall be at\nits sole risk, and for all losses of such money the capital stock,\nproperty and effects of the trust company shall be absolutely liable,\nunless the investments are such as are proper when made by an individual\nacting as trustee, executor, administrator, guardian, receiver,\ncommittee, conservator or depositary, or such as are permitted in and by\nthe instrument or words creating or defining the trust. But no corporate\nfiduciary shall purchase securities from itself. Any moneys of any such\nestate or fund awaiting investment or distribution may be held on\ndeposit by such trust company in its own name, subject to the provisions\nof subdivision four of this section; provided that appropriate entries\nshowing the share or interest of each such estate or fund in the moneys\nso held on deposit shall, at all times, appear upon the records of such\ntrust company.\n 2. On and after September first, nineteen hundred thirty-six, no trust\ncompany shall invest in any part interest in a bond and mortgage or note\nand mortgage on behalf of any estate or fund held by such trust company\nas executor, administrator, guardian, personal or testamentary trustee,\nreceiver, committee, conservator or depositary except that if the\ninstrument creating such estate or fund has authorized such trust\ncompany as executor, administrator, guardian, personal or testamentary\ntrustee, receiver, committee, conservator or depositary to invest in any\npart interest in a bond and mortgage or note and mortgage insured by the\nfederal housing commissioner such trust company may so invest and if the\ninstrument creating an employee benefit trust has authorized such trust\ncompany to invest in any part interest in a bond and mortgage or note\nand mortgage, such trust company may so invest. Any part interest in a\nbond and mortgage or note and mortgage heretofore apportioned to any\nestate or fund and held by such trust company as executor,\nadministrator, guardian, personal or testamentary trustee, receiver,\ncommittee, conservator or depositary, and outstanding at any time in the\nhands of any estate, fund or person may be repurchased at its face value\nby such corporation individually. Such trust company, in any case where\nit shall have apportioned or transferred a part interest in any bond and\nmortgage or note and mortgage whether to any estate or fund held by it\nalone or in conjunction with another person or otherwise, shall be\nauthorized and empowered, in behalf of all persons interested therein,\nto collect the principal and interest and to satisfy and discharge the\nmortgage on receiving payment thereof in the amount and in the manner\nspecified in the bond and mortgage or note and mortgage, to pay the said\nprincipal and interest to the persons entitled thereto and generally to\nexercise all of the options reserved to the mortgagee, to enforce in its\nown name by appropriate action or proceeding, including foreclosure, any\nand all of the covenants in the said bond and mortgage or note and\nmortgage, to take such other measures for the protection of the mortgage\nloan and the preservation of the security and the management of,\nutilization and sale of any real estate which may be acquired on\nforeclosure as may be necessary and appropriate and to exercise all\nother rights of ownership in respect of the entire bond and mortgage or\nnote and mortgage. In case any bond, note or mortgage shall be held by,\nor in the name of, such trust company and it shall hold any part\ninterest therein, acting as a fiduciary, whether alone, or in\nconjunction with another person or otherwise, it may, prior to April\nfirst, nineteen hundred sixty-nine, waive or modify or agree to waive or\n
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