72-34-117. Certain actions and transactions not violations of duties. (1) The following actions or transactions do not violate the duties provided in 72-34-103 or 72-34-105:
     (a) the provision of services for reasonable compensation by a regulated financial institution or its affiliates in the ordinary course of business either to a trust for which it or an affiliate also acts as trustee or to a person dealing with the trust;
     (b) the purchase or sale of investment securities between a regulated financial institution or its affiliates in the ordinary course of business or to a trust for which it or an affiliate also acts as trustee.
     (2) Subsection (1) does not affect the duty to use ordinary skill and prudence as provided in 72-34-114.
     (3) For the purposes of this section, "affiliate" means a corporation that directly or indirectly through one or more intermediaries controls, is controlled by, or is under common control with another domestic or foreign corporation.

     History: En. Sec. 88, Ch. 685, L. 1989; amd. Sec. 7, Ch. 279, L. 1997.