New Jersey Statutes Appendix - Former Title 3A Administration of Estates Decedents and Others 3A § 15-18

(a) “trust instrument” includes a will, deed, agreement, court order or other instrument pursuant to which money or other property is entrusted to a fiduciary;

(b) “fiduciary” includes an individual or corporation authorized to act as a trustee, executor, administrator with the will annexed, or guardian, and every other person or corporation charged with the duty of administering a trust estate;

(c) “trust estate” means money or other property entrusted to a fiduciary pursuant to a trust instrument;

(d) “investments” includes property of every nature, real, personal and mixed, tangible and intangible, which persons of ordinary prudence and reasonable discretion acquire for the purpose of preserving their capital and of realizing income; and specifically includes, solely by way of description and not by way of limitation, bonds, debentures and other corporate obligations, capital stocks, common stocks, preferred stocks, and shares of any open-end or closed-end management type investment company or investment trust registered pursuant to the federal investment company act of 1940, as from time to time amended;

(e) “legal investments” includes all investments which a fiduciary is authorized to make pursuant to any statute of this state, other than this article; and when a fiduciary invests in, or when a trust estate holds, a participation in a legal common trust fund, such participation shall be deemed to be a legal investment;

(f) “limited legal investments” includes all investments which are not legal investments; and when a fiduciary invests in, or when a trust estate holds, a participation in a discretionary common trust fund, such participation shall be deemed to be a limited legal investment;

(g) “valuation date” means any date as of which the value of the property of a trust estate is determined for the purpose of ascertaining whether a limited legal investment may be made pursuant to this article;

(h) “common trust fund,” “legal common trust fund,” and “discretionary common trust fund” mean, respectively, a common trust fund, a legal common trust fund, and a discretionary common trust fund established pursuant to article 9 of “An act concerning banking and banking institutions (Revision of 1948)” approved April 29, 1948 (P.L.1948, c. 67).