§ 28-14-3-5 — Securities held by clearing corporation

Indiana § 28-14-3-5

• Jurisdiction: Indiana
• Art. 14: CORPORATE FIDUCIARIES
• Ch. 3: Powers and Duties

Text

(a) Notwithstanding any other law, a corporate
fiduciary holding securities in a fiduciary capacity is authorized to
deposit or arrange for the deposit of the securities in a clearing
corporation.
(b) When securities are deposited in a clearing corporation under
subsection (a), certificates representing securities of the same class of
the same issuer may be merged and held in the name of the nominee of
the clearing corporation. The records of the corporate fiduciary acting
as custodian, managing agent, or custodian for a fiduciary must at all
times show the name of the party for whose account the securities are
deposited.
(c) Title to the securities held by the clearing corporation under this
section may be transferred by bookkeeping entry on the books of the
clearing corporation without physical delivery of certificates
representing the securities.

Legislative History

As added by P.L.262-1995, SEC.90.