2006 New York Code - Powers, Duties And Limitations

 
    § 11-1.8 Power  of  fiduciary  or  custodian  for fiduciary to deposit
  United States government and agency securities with a   federal  reserve
  bank
    (a)  Notwithstanding  any  other  provision  of law, any bank or trust
  company, when acting as fiduciary and any bank, trust company or private
  banker, when holding securities as custodian for a fiduciary pursuant to
  § 11-1.1(b)  (9),  is  authorized  to  deposit,  or  arrange  through  a
  subcustodian or otherwise for the deposit, with the federal reserve bank
  in  its  district  of any securities the principal and interest of which
  the United States or any department, agency or  instrumentality  thereof
  has  agreed  to pay, or has guaranteed payment, to be credited to one or
  more accounts on the books of said federal reserve bank in the  name  of
  such  bank,  trust company or private banker, to be designated fiduciary
  or safekeeping accounts, to which account other similar  securities  may
  be  credited.  A  bank,  trust  company  or private banker so depositing
  securities with a federal reserve bank shall be subject  to  such  rules
  and  regulations  with  respect  to  the  making and maintenance of such
  deposit as, in the case  of  state  chartered  institutions,  the  state
  banking  board,  and,  in the case of national banking associations, the
  comptroller of the currency, may from time to time issue. The records of
  such bank, trust company or private banker shall at all times  show  the
  ownership  of  the  securities  held  in such account. Ownership of, and
  other interests in, the securities  credited  to  such  account  may  be
  transferred by entries on the books of said federal reserve bank without
  physical  delivery  of  any securities. A bank, trust company or private
  banker acting as custodian for a  fiduciary  shall,  on  demand  by  the
  fiduciary,  certify  in  writing  to  the  fiduciary  the  securities so
  deposited by such bank,  trust  company  or  private  banker  with  such
  federal  reserve  bank  for  the  account of such fiduciary. A fiduciary
  shall, on demand by any party to its accounting  or  on  demand  by  the
  attorney for such party, certify in writing to such party the securities
  deposited  by  such  fiduciary  with  such  federal reserve bank for its
  account as such fiduciary.
    (b) This section shall apply to all fiduciaries,  and  custodians  for
  fiduciaries,  acting  on  the  effective  date  of  this  section or who
  thereafter may act regardless of the date of  the  instrument  or  court
  order by which they are appointed.