2010 Pennsylvania Code
Title 20 - DECEDENTS, ESTATES AND FIDUCIARIES
Chapter 33 - Administration and Personal Representatives
3321 - Nominee registration; corporate fiduciary as agent; deposit of securities in a clearing corporation; book-entry securities.

     § 3321.  Nominee registration; corporate fiduciary as agent;
                deposit of securities in a clearing corporation;
                book-entry securities.
        (a)  Corporate personal representative.--A bank and trust
     company or a trust company incorporated in the Commonwealth, or
     a national bank with trust powers having its principal office in
     the Commonwealth, may keep investments or fractional interests
     in investments held by it, either as sole personal
     representative or jointly with other personal representatives,
     in the name or names of the personal representatives or in the
     name of the nominee of the corporate personal representative:
     Provided, That the consent thereto of all the personal
     representatives is obtained: And provided further, That all such
     investments shall be so designated upon the records of the
     corporate personal representative that the estate to which they
     belong shall appear clearly at all times.
        (b)  Individual personal representative.--A personal
     representative serving jointly with a bank and trust company or
     a trust company incorporated in the Commonwealth, or with a
     national bank having its principal office in the Commonwealth,
     may authorize or consent to the corporate personal
     representative having exclusive custody of the assets of the
     estate and to the holding of such investments in the name of a
     nominee of such corporate personal representative, to the same
     extent and subject to the same requirements that the corporate
     personal representative, if it were the sole personal
     representative, would be authorized to hold such investments in
     the name of its nominee.
        (c)  Corporate fiduciary as agent.--An individual personal
     representative may employ a bank and trust company or a trust
     company incorporated in the Commonwealth, or a national bank
     with trust powers having its principal office in the
     Commonwealth, to act as his agent under a power of attorney in
     the performance of ministerial duties, including the safekeeping
     of estate assets, and such agent, when so acting, may be
     authorized to hold such investments in the name of its nominee
     to the same extent and subject to the same requirements that
     such agent, if it were the personal representative, would be
     authorized to hold such investments in the name of the nominee.
        (d)  Deposit of securities in a clearing corporation.--A
     personal representative holding securities in its fiduciary
     capacity, any bank and trust company, trust company or National
     bank holding securities as an agent pursuant to subsection (c)
     of this section, is authorized to deposit or arrange for the
     deposit of such securities in a clearing corporation (as defined
     in Division 8 of Title 13 (relating to investment securities)).
     When such securities are so deposited, certificates representing
     securities of the same class of the same issuer may be merged
     and held in bulk in the name of the nominee of such clearing
     corporation with any other such securities deposited in such
     clearing corporation by any person regardless of the ownership
     of such securities, and certificates of small denomination may
     be merged into one or more certificates of larger denomination.
     The records of such fiduciary and the records of such bank and
     trust company, trust company or National bank acting as an agent
     under a power of attorney for a personal representative shall at
     all times show the name of the party for whose account the
     securities are so deposited. Title to such securities may be
     transferred by bookkeeping entry on the books of such clearing
     corporation without physical delivery of certificates
     representing such securities. A bank and trust company, trust
     company or National bank so depositing securities pursuant to
     this section shall be subject to such rules and regulations as,
     in the case of State chartered institutions, the Department of
     Banking and, in the case of National banking associations, the
     comptroller of the currency may from time to time issue
     including, without limitation, standards for, or the method of
     making a determination of, the financial responsibility of any
     clearing corporation in which securities are deposited. A bank
     and trust company, trust company or National bank acting as
     custodian for a personal representative shall, on demand by the
     personal representative, certify in writing to the personal
     representative the securities so deposited by such bank and
     trust company, trust company or National bank in such clearing
     corporation for the account of such personal representative. A
     personal representative shall, on demand by any party to a
     judicial proceeding for the settlement of such personal
     representative's account or on demand by the attorney for such
     party, certify in writing to such party the securities deposited
     by such personal representative in such clearing corporation for
     its account as such personal representative.
        (e)  Accounting for book-entry securities.--With respect to
     securities which are available in book-entry form as an
     alternative to securities in definitive form, the receipt,
     holding or transfer of such securities in book-entry form by a
     bank and trust company, trust company or National bank acting as
     a sole or joint personal representative, or as an attorney-in-
     fact for a personal representative, is for all purposes
     equivalent to the receipt, holding or transfer of such
     securities in definitive form and no segregation of such book-
     entry securities shall be required other than by appropriate
     accounting records to identify the accounts for which such
     securities are held.
     (Oct. 10, 1974, P.L.720, No.242, eff. imd.; Nov. 1, 1979,
     P.L.255, No.86, eff. Jan. 1, 1980; Dec. 16, 1992, P.L.1163,
     No.152, eff. imd.; Oct. 12, 1999, P.L.422, No.39, eff. 60 days)

        1999 Amendment.  Act 39 amended the section heading and
     subsecs. (c) and (d). See section 13(8) of Act 39 in the
     appendix to this title for special provisions relating to
     applicability.
        1992 Amendment.  Act 152 amended subsec. (e). Section 27(e)
     of Act 152 provided that the amendment shall apply beginning
     with the effective date of Act 152.
        1974 Amendment.  Act 242 amended the section heading and
     added subsecs. (d) and (e). Section 4 of Act 242 provided that
     the amendment or addition of the section heading and subsecs.
     (d) and (e) shall apply without regard to the date of the
     instrument or court order under which a fiduciary is acting or
     may act.
        Cross References.  Section 3321 is referred to in sections
     5144, 5521, 5607, 7780, 7792 of this title.