2014 New York Laws
EPT - Estates, Powers & Trusts
Article 11 - FIDUCIARY: POWERS, DUTIES AND LIMITATIONS; ACTIONS BY OR AGAINST IN REPRESENTATIVE OR INDIVIDUAL CAPACITIES
Part 1 - (11-1.1 - 11-1.11) FIDUCIARIES: POWERS, DUTIES AND LIMITATIONS
11-1.10 - Power of fiduciary to employ a broker-dealer as custodian

11-1.10 Power of fiduciary to employ a broker-dealer as custodian
Notwithstanding  any  other provision of law any fiduciary (as defined
  in section 1-2.7 or 11-1.1 (a) (3)) is authorized:  (1)  to  employ  any
  broker-dealer  which  is  registered  with  the  Securities and Exchange
  Commission and the department of law of the state of New York  (referred
  to  in  this  section as "broker") as a custodian for a fiduciary of any
  stock or other securities (referred to in this section as "securities");
  (2) to register such securities in the name of such broker. Such  broker
  shall  have the same power and shall be subject to the same restrictions
  with respect to the treatment of such securities as any  bank  or  trust
  company  acting as a custodian for a fiduciary and such securities shall
  be subject to the same treatment as securities held by such a  custodian
  for  a  fiduciary  as  provided in sections 11-1.1 (b) (9) (10), 11-1.6,
  11-1.8, and 11-1.9 of this part. Any such securities held by a broker in
  which the broker does not have a lien for indebtedness due  to  it  from
  the  estate  or trust may not be pledged, lent, hypothecated or disposed
  of except upon the specific instruction of the fiduciary.