§ 28-2-6-1 — Authority to register securities in name of nominee; liability

Indiana § 28-2-6-1

• Jurisdiction: Indiana
• Art. 2: BANKS
• Ch. 6: Securities Held by Nominees

Text

Any bank, trust company, or corporate fiduciary
incorporated under the laws of this state, and any national banking
association incorporated under the laws of the United States and having
its principal banking office in this state, may, when acting in any
fiduciary capacity, whether as sole fiduciary or as co-fiduciary, cause
any stocks, bonds, or other securities held by it in such fiduciary
capacity to be registered and held in the name or names of any nominee
or nominees of such bank, trust company or national banking
association, Provided, however, that: (1) if such bank, trust company,
corporate fiduciary, or national banking association be acting as a
co-fiduciary, it shall secure the consent of its co-fiduciary or
co-fiduciaries, who is or are hereby authorized to give such consent, to
the registration and holding of such stocks, bonds, or other securities
in the name of a nominee or nominees of such bank, trust company,
corporate fiduciary, or national bank, and (2) the records of the
fiduciary or fiduciaries shall at all times clearly show the ownership of
such stocks, bonds, or other securities, and investments so registered
shall at all times be in the possession and under the control of the
fiduciary. Any bank, trust company, corporate fiduciary, or national
banking association shall be liable in its individual capacity for any loss
to the trust or estate resulting from any of the acts, or omissions to act,
of such nominee or nominees in connection with the stocks, bonds, or
other securities so held to the same extent as if such stocks, bonds, or
other securities had been held in the name of such bank, trust company,
corporate fiduciary, or national banking association as fiduciary.
Formerly: Acts 1947, c.115, s.1. As amended by P.L.262-1995,
SEC.50.