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2017 Arkansas Code
Title 28 - Wills, Estates, and Fiduciary Relationships
Subtitle 5 - Fiduciary Relationships
Chapter 69 - Fiduciaries Generally
Subchapter 2 - Banks and Trust Companies
§ 28-69-203. Investments generally -- Liability
Universal Citation: AR Code § 28-69-203 (2017)
- (a) Any state bank, national bank, or trust company authorized to do business in this state when acting as a fiduciary or as a co-fiduciary with others, with the consent of its co-fiduciary, if any, who are authorized to give such consent, may cause any investment held in any fiduciary capacity to be registered and held in the name of a nominee or nominees of the bank or trust company.
- (b) The records of the bank or trust company shall at all times show the ownership of any such investment.
- (c) The investments shall at all times be kept separate and apart from the assets of the bank or trust company.
- (d)
- (1) Any bank or trust company shall be absolutely liable for any loss occasioned by the acts of any nominees of the bank or trust company with respect to any investment so registered.
- (2) However, no liability for any loss occasioned by the acts of any bank or trust company, or the nominee of either of them with respect to the investments so registered, shall be imposed upon any corporation or its transfer agent or registrar which registers its stock or other securities in the name of the bank or trust company, or the nominee of either of them, in accordance with the provisions of this section.
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