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2017 South Dakota Codified Laws
Title 51A - BANKS AND BANKING
Chapter 05 - Trust Business Of Banks
§ 51A-5-16 Duty of custodian to certify deposited securities to fiduciary--Duty of fiduciary.
Universal Citation: SD Codified L § 51A-5-16 (2017)
51A-5-16. Duty of custodian to certify deposited securities to fiduciary--Duty of fiduciary. A bank or trust company acting as custodian for a fiduciary shall, on demand by the fiduciary, certify in writing to the fiduciary the securities so deposited by the bank or trust company with the federal reserve bank for the account of the fiduciary. A fiduciary shall, on demand by any party to which it must account or on demand by the attorney for the party, certify in writing to the party the securities deposited by the fiduciary with the federal reserve bank for its account as the fiduciary.
Source: SDCL, § 51-19-7 as added by SL 1975, ch 292, § 1; SDCL, § 51-19-7.3; SL 1995, ch 268, § 73; SL 1997, ch 272, § 11.
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