2013 Indiana Code TITLE 28. FINANCIAL INSTITUTIONS ARTICLE 2. BANKS CHAPTER 6. SECURITIES HELD BY NOMINEES
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IC 28-2-6
Chapter 6. Securities Held by Nominees
IC 28-2-6-1
Authority to register securities in name of nominee; liability
Sec. 1. Any bank, trust company, or corporate fiduciary
incorporated under the laws of this state, and any national banking
association incorporated under the laws of the United States and
having its principal banking office in this state, may, when acting in
any fiduciary capacity, whether as sole fiduciary or as co-fiduciary,
cause any stocks, bonds, or other securities held by it in such
fiduciary capacity to be registered and held in the name or names of
any nominee or nominees of such bank, trust company or national
banking association, Provided, however, that: (1) if such bank, trust
company, corporate fiduciary, or national banking association be
acting as a co-fiduciary, it shall secure the consent of its co-fiduciary
or co-fiduciaries, who is or are hereby authorized to give such
consent, to the registration and holding of such stocks, bonds, or
other securities in the name of a nominee or nominees of such bank,
trust company, corporate fiduciary, or national bank, and (2) the
records of the fiduciary or fiduciaries shall at all times clearly show
the ownership of such stocks, bonds, or other securities, and
investments so registered shall at all times be in the possession and
under the control of the fiduciary. Any bank, trust company,
corporate fiduciary, or national banking association shall be liable in
its individual capacity for any loss to the trust or estate resulting from
any of the acts, or omissions to act, of such nominee or nominees in
connection with the stocks, bonds, or other securities so held to the
same extent as if such stocks, bonds, or other securities had been
held in the name of such bank, trust company, corporate fiduciary, or
national banking association as fiduciary.
(Formerly: Acts 1947, c.115, s.1.) As amended by P.L.262-1995,
SEC.50.
IC 28-2-6-2
Application of chapter
Sec. 2. The provisions of this chapter shall be applicable to banks,
trust companies, corporate fiduciaries, and national banking
associations acting on or after August 20, 1947, under wills, trusts,
agreements, court orders, and other instruments existing or made on
or after August 20, 1947.
(Formerly: Acts 1947, c.115, s.2.) As amended by P.L.263-1985,
SEC.118; P.L.262-1995, SEC.51.
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