Uniform Common Trust Fund Act

Common trust funds are pooled investment vehicles in which a fiduciary combines money it holds separately for many individual trusts and estates into a single fund for collective investment, and this act supplies the legal framework for them. It authorizes fiduciaries to establish such funds and to include the trusts held by affiliated institutions, and it permits a fiduciary or custodian to hold the associated securities on deposit with a central depository rather than in its own possession. It further provides for court accountings covering the administration of these funds, and directs that its terms be construed so as to keep the law uniform across the states that adopt it.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.