2.4 Statutory Powers in General
Est. & Trusts Art. § 7-401 establishes the investment authority for personal representatives. These powers cover personal representatives but no other fiduciaries. Subsection (a) states that the statute enumerates powers that are “in addition to the power or authority contained in the will and other common-law or statutory powers ….” Investment authority largely remains an issue dependent on the “prudent person” rule. Even court approval of an investment does not insulate the fiduciary from liability. See, Goldsborough v. DeWitt, 171 Md. 225 (1937).