2005 Arizona Revised Statutes - Revised Statutes §14-7308  Investments in name of nominee

A. Any state or national bank or title insurance company, when acting in this state as a fiduciary or a cofiduciary with others, may with the consent of its cofiduciary or cofiduciaries, if any, who are hereby authorized to give such consent, cause any investment held in any such capacity, to be registered and held in the name of a nominee or nominees of such bank or title insurance company. Such bank or title insurance company shall be liable for the acts of any such nominee with respect to any investment so registered.

B. The records of such bank or title insurance company shall at all times show the ownership of any such investment, which investment shall be in the possession and control of such bank or title insurance company and be kept separate and apart from the assets of such bank or title insurance company, except that a state or national bank or title insurance company may deposit stock or other securities so held in a clearing corporation as defined in section 47-8102.