3B:20-3. Corporate fiduciary may register securities in name of nominee without disclosing fiduciary capacity
Any bank may, when acting as sole fiduciary or when acting as cofiduciary, with the consent of a cofiduciary or cofiduciaries, cause any certificates for shares of stock, bonds, debentures, notes or other securities, herein denominated "securities" , held in fiduciary capacities, to be registered and held in the name of a nominee of the corporate fiduciary without disclosing the fiduciary capacity in which the securities are held; provided, that
a. The records of the fiduciary or fiduciaries and all accounts rendered by it or them shall at all times clearly show the ownership of the securities so registered,
b. The securities shall at all times be kept separate and apart from the assets of the fiduciary or fiduciaries, and
c. The nominee shall not have possession of or access to the securities.
L.1981, c. 405, s. 3B:20-3, eff. May 1, 1982.
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Last modified: October 11, 2016