(a) A state or national bank or a trust company, when acting in the state as a fiduciary or as a co-fiduciary with others, may with the consent of its co-fiduciary or co-fiduciaries, if any, who are hereby authorized to give such consent, cause any investment it holds as a fiduciary or co-fiduciary to be registered and held in the name of a nominee or nominees of the bank or trust company. The bank or trust company is liable for the acts of its nominee with respect to an investment registered in the nominee's name.
(b) The records of the bank or trust company must at all times show the ownership of the investment registered and held in the name of its nominee. The bank or trust company shall retain possession and control of the investment and keep the investment separate and apart from its assets.
Section: Previous 06.05.090 06.05.095 06.05.100 06.05.105 06.05.120 06.05.130 06.05.145 06.05.160 06.05.165 06.05.166 06.05.175 06.05.180 06.05.185 06.05.197Last modified: November 15, 2016