The directors of any such corporation have discretionary power to invest all moneys received by it on deposit or in trust, and the investment or deposit of which otherwise may not be limited or directed, in such securities as are herein authorized. The corporation is responsible to the owners or beneficiaries of such moneys, for the validity, regularity, quality, value, and genuineness of all such investments and securities at the time said investments are so made, and for the safekeeping of the evidences and securities thereof. If any special direction, limitation, agreement, or trust is imposed, made or conferred in and by the order, judgment, decree, will, contract, deed, conveyance, or other written instrument, as to the particular manner, or the particular class or kinds of securities, funds, or property, whether real or personal, in which the moneys must be invested, the corporation shall follow and carry out such order, judgment, decree, contract, deed, or other written instrument or instruction, and may not be held liable or responsible for any loss, damage, or injury which may occur to or be incurred by any person or beneficiary by reason of its proper performance of such trust, and the directions or limitations thereof.

Terms Used In North Dakota Code 6-05-10

  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Contract: A legal written agreement that becomes binding when signed.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Person: means an individual, organization, government, political subdivision, or government agency or instrumentality. See North Dakota Code 1-01-49
  • Property: includes property, real and personal. See North Dakota Code 1-01-49
  • written: include "typewriting" and "typewritten" and "printing" and "printed" except in the case of signatures and when the words are used by way of contrast to typewriting and printing. See North Dakota Code 1-01-37