October 1, 1991
TO: UNIT INVESTMENT TRUST MEMBERS NO. 46-91
RE: NEW YORK LEGAL INVESTMENT LEGISLATION PASSES
__________________________________________________________
The Institute is pleased to inform you that legislation
expanding a fiduciary's authority to invest in investment trusts
has been signed by the Governor of New and is effective as of
July 1, 1991.
Earlier this year, the Institute submitted a letter in
support of S. 2146 to the Chair of the New York Senate Judiciary
Committee. The letter outlined the operation and regulation of
unit investment trusts and noted that investments in unit trusts
are appropriate investments for fiduciaries in that unit trusts
provide diversification of risk and liquidity.
A copy of S. 2146 is attached. Also attached is a copy of
the definition of "investment trust" as set forth in 9-1.5 of the
Estates, Powers and Trusts Law of New York.
Patricia Louie
Assistant General Counsel
Attachments