While many states have abolished what was known as the "legal list" of investments permitted in trusts, there are still general rules that govern a fiduciary's investment choices and the management of trust assets. These rules are governed both by states and by the Financial Industry Regulatory Authority (FINRA) and the U.S. Securities and Exchange Commission (SEC), and are usually arbitrated in the surrogate or probate courts.
Investment dictionary. Academic. 2012.
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