Nebraska § 12-1107 - Trustees; acceptance of funds; conditions; powers.
Full text of Nebraska Revised Statutes of Nebraska § 12-1107 — Trustees; acceptance of funds; conditions; powers., with citation guidance and answers to common questions.
§ 12-1107. Trustees; acceptance of funds; conditions; powers.
(1) Banks which do not have a separate trust department and building and loan associations and credit unions acting as trustees under the Burial Pre-Need Sale Act shall accept trust funds only to the extent that the full amount of all of such funds is insured or guaranteed by the Federal Deposit Insurance Corporation or the National Credit Union Share Insurance Fund.
(2) Banks with a separate trust department and trust companies acting as trustees under the Burial Pre-Need Sale Act when investing or reinvesting trust funds shall have the power to deal with such funds as a prudent trustee would deal with the funds and shall have all of the powers granted to a trustee by the Nebraska Uniform Trust Code, but the Uniform Principal and Income Act shall not be applicable and all income, whether from interest, dividends, capital gains, or any other source, shall be considered as income.
Source: official Nebraska text · Last verified 2026-08-27
Frequently Asked Questions About Nebraska § 12-1107
What does Revised Statutes of Nebraska § 12-1107 cover?
Section 12-1107 ("Trustees; acceptance of funds; conditions; powers.") is part of the Revised Statutes of Nebraska, the codified statutory law of Nebraska. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Nebraska § 12-1107?
A common citation format is "Revised Statutes of Nebraska § 12-1107" (Nebraska). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Nebraska law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Nebraska official source linked on this page or consult a licensed Nebraska attorney.
How does Nebraska § 12-1107 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Nebraska can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Nebraska.