TCA § 35-3-121 — Investments in securities by banks or trust companies

Unless the governing instrument, court order, or a statute specifically directs otherwise, a bank or trust company serving as trustee, guardian, agent, or in any other fiduciary capacity may invest in any security authorized by this chapter even if that fiduciary or an affiliate of that fiduciary, as defined in former § 35-3-117(d) [repealed], participates or has participated as a member of a syndicate underwriting the security, if: The fiduciary does not purchase the security from itself or its affiliate; and The fiduciary does not purchase the security from another syndicate member or an affiliate, pursuant to an implied or express agreement between the fiduciary or its affiliate and a selling member or its affiliate, to purchase all or part of each other's underwriting commitments. Acts 1983, ch. 60, § 1; T.C.A., § 35-329. Compiler's Notes. Former § 35-3-117(d) , referred to in this section, was repealed by Acts 2002, ch. 696, § 15, effective July 1, 2002. Law Reviews. Selected Tennessee Legislation of 1983 (N. L. Resener, J. A. Whitson, K. J. Miller), 50 Tenn. L. Rev. 785 (1983).