Section 28-14-5-6.5 - Purchase of speculative securities or securities not rated by a generally recognized security rating service(a) A corporate fiduciary may not purchase for its own account any bond, note, or other evidence of indebtedness that is commonly designated as a security that is speculative in character or that has speculative characteristics. For the purposes of this subsection, a security is speculative or has speculative characteristics if at the time of purchase the security: (1) is rated below the first four (4) rating classes by a generally recognized security rating service;(3) is otherwise considered speculative by the director.(b) A corporate fiduciary may purchase for its own account a security that is not rated by a generally recognized security rating service if: (1) the corporate fiduciary at the time of purchase obtains financial information that is adequate to document the investment quality of the security; and(2) the security is not otherwise considered speculative by the director.Amended by P.L. 89-2011, SEC. 72, eff. 7/1/2011.As added by P.L. 176-1996, SEC.32.