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2012 Statute



Prev Article 16. - BANKING CODE; TRUST AUTHORITYNext


9-1603.Assets held in fiduciary capacity segregated; records; use.    As soon as any bank shall exercise any trust authority it shall segregate all assets held in any fiduciary capacity and shall keep a separate set of books and records showing in proper detail all transactions had in any fiduciary capacity. Such books and records at all times shall be open to the inspection of, and subject to the supervision of, the commissioner. Funds held by such bank in trust less the amount of insurance carried in the federal deposit insurance corporation shall be carried in a separate account and shall not be used by the bank in the conduct of its business unless it first shall set aside in the trust department, United States bonds or other securities approved by the commissioner in an equal sum.

History: L. 1947, ch. 102, § 79; L. 1963, ch. 63, § 1; June 30.



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2019. Powered by KLISS. Rendered: 2019-03-26T12:20:25. Head Rev No: 345400