Kansas § 9-2313 Custodial services; requirements

Kansas Statutes

§ 9-2313 — Custodial services; requirements

Kansas § 9-2313

Ch. 9BANKS AND BANKING; TRUST COMPANIES

Art. 23TECHNOLOGY-ENABLED FIDUCIARY FINANCIAL INSTITUTIONS

This text of Kansas § 9-2313 (Custodial services; requirements) is published on Counsel Stack Legal Research, covering Kansas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Kan. Stat. Ann. § 9-2313 (2026).

Text

(a)A fiduciary financial institution may serve as a custodian, which may include serving as a qualified custodian, as defined by the United States securities and exchange commission in 17 C.F.R. § 275.206(4)-2, of an asset custody account. In performing custodial services under this section, a fiduciary financial institution shall:

(1)Implement all accounting, account statement, internal control, notice and other standards specified by applicable state or federal law and rules and regulations for custodial services;

(2)maintain information technology best practices relating to alternative assets held in custody;

(3)fully comply with applicable federal anti-money laundering, customer identification and beneficial ownership requirements; and

(4)take other actions necessary to comply wit

Free access — add to your briefcase to read the full text and ask questions with AI

(a) A fiduciary financial institution may serve as a custodian, which may include serving as a qualified custodian, as defined by the United States securities and exchange commission in 17 C.F.R. § 275.206(4)-2, of an asset custody account. In performing custodial services under this section, a fiduciary financial institution shall:
(1) Implement all accounting, account statement, internal control, notice and other standards specified by applicable state or federal law and rules and regulations for custodial services;
(2) maintain information technology best practices relating to alternative assets held in custody;
(3) fully comply with applicable federal anti-money laundering, customer identification and beneficial ownership requirements; and
(4) take other actions necessary to comply with the requirements of this section.
(b) Alternative asset custody accounts over which a fiduciary financial institution serves as a custodian or qualified custodian are not depository liabilities or assets of the fiduciary financial institution.
(c) In performing custodial services under this section:
(1) A fiduciary financial institution shall be a fiduciary and shall be subject to the duties and standards of utmost care and loyalty that are associated with serving as a fiduciary;
(2) a fiduciary financial institution shall be deemed to be exercising fiduciary powers; and
(3) all income earned by a fiduciary financial institution and derived from performing custodial services shall be deemed to be income derived from the exercise of fiduciary powers.