May I lend, sell, or transfer assets of a fiduciary account if I have an interest in the transaction?

CFR · 2024-01-01 · US · Title 12

(a) (b) (i) The transaction is authorized by applicable law. (ii) Legal counsel advises you in writing that you have incurred, in your fiduciary capacity, a contingent or potential liability. Upon the sale or transfer of assets, you must reimburse the fiduciary account in cash in an amount equal to the greater of book or market value of the assets. (iii) The transaction is permitted under 12 CFR 9.18(b)(8)(iii) for defaulted fixed-income investments. (iv) The OCC requires you to do so. (2)

official document · source cfr-2024 · id 12:§ 150.350