§ 11-1.8 Power of fiduciary or custodian for fiduciary to deposit\nUnited States government and agency securities with a federal reserve\nbank\n (a) Notwithstanding any other provision of law, any bank or trust\ncompany, when acting as fiduciary and any bank, trust company or private\nbanker, when holding securities as custodian for a fiduciary pursuant to\n§ 11-1.1(b) (9), is authorized to deposit, or arrange through a\nsubcustodian or otherwise for the deposit, with the federal reserve bank\nin its district of any securities the principal and interest of which\nthe United States or any department, agency or instrumentality thereof\nhas agreed to pay, or has guaranteed payment, to be credited to one or\nmore accounts on the books of said federal reserve bank in the name of\nsuch bank, trust company or private banker, to be designated fiduciary\nor safekeeping accounts, to which account other similar securities may\nbe credited. A bank, trust company or private banker so depositing\nsecurities with a federal reserve bank shall be subject to such rules\nand regulations with respect to the making and maintenance of such\ndeposit as, in the case of state chartered institutions, the state\nsuperintendent of financial services, and, in the case of national\nbanking associations, the comptroller of the currency, may from time to\ntime issue. The records of such bank, trust company or private banker\nshall at all times show the ownership of the securities held in such\naccount. Ownership of, and other interests in, the securities credited\nto such account may be transferred by entries on the books of said\nfederal reserve bank without physical delivery of any securities. A\nbank, trust company or private banker acting as custodian for a\nfiduciary shall, on demand by the fiduciary, certify in writing to the\nfiduciary the securities so deposited by such bank, trust company or\nprivate banker with such federal reserve bank for the account of such\nfiduciary. A fiduciary shall, on demand by any party to its accounting\nor on demand by the attorney for such party, certify in writing to such\nparty the securities deposited by such fiduciary with such federal\nreserve bank for its account as such fiduciary.\n (b) This section shall apply to all fiduciaries, and custodians for\nfiduciaries, acting on the effective date of this section or who\nthereafter may act regardless of the date of the instrument or court\norder by which they are appointed.\n
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