7201 - Definitions.
CHAPTER 72 PRUDENT INVESTOR RULE Sec. 7201. Definitions. 7202. Default rule. 7203. Prudent investor rule. 7204. Diversification. 7205. Retention of inception assets. 7206. Delegation. 7207. Retention of cash; temporary investments. 7208. Life insurance. 7209. Mutual funds. 7210. Common trust fund and mortgage investment fund. 7211. Further investment authority. 7212. Degree of care. 7213. Judgment of fiduciary's decisions. 7214. Language invoking chapter. Enactment. Chapter 72 was added June 25, 1999, P.L.212, No.28, effective in six months unless otherwise noted. Special Provisions in Appendix. See section 6 of Act 28 of 1999 in the appendix to this title for special provisions relating to applicability. Cross References. Chapter 72 is referred to in sections 5145, 7780.6 of this title; section 5548 of Title 15 (Corporations and Unincorporated Associations). § 7201. Definitions. The following words and phrases when used in this chapter shall have the meanings given to them in this section unless the context clearly indicates otherwise: "Fiduciary." Includes guardians and trustees, whether domiciliary or ancillary, individual or corporate, subject to the jurisdiction of the orphans' court. The term shall not include a custodian under Chapter 53 (relating to Pennsylvania Uniform Transfers to Minors Act), an agent acting under a power of attorney, a personal representative, an administrator of a municipal pension or retirement plan or a person whose fiduciary duties are, by statute, governed by the principles of Chapter 73 (relating to municipalities investments). "Mutual fund." The securities of an investment company registered under the Investment Company Act of 1940 (54 Stat. 789, 15 U.S.C. § 80a-1 et seq.). "Trust." Includes guardianships and trusts subject to the jurisdiction of the orphans' court and having property owned or managed by a fiduciary. The term shall not include custodianships, agencies created by a power of attorney, decedents' estates or municipal pension or retirement plans. (July 7, 2006, P.L.625, No.98, eff. imd.) 2006 Amendment. Act 98 amended the def. of "mutual fund."