§ 8-214 — Pledged securities; release upon surrender of fiduciary powers; conditions

Any national bank, federal
savings association, federally chartered trust company, or out-of-state trust
company authorized under the Interstate Trust Company Office Act or otherwise doing business in this state, which
has surrendered its right to exercise such fiduciary powers in this state
may have its pledged securities released to it upon furnishing to the Department
of Banking and Finance a certificate by its primary financial institution
regulator that such financial institution is no
longer authorized to exercise such powers and has been relieved, in accordance
with the laws of this state, of all duties and obligations as assignee, receiver,
or trustee, either by appointment of court or under will, and for depository
of money in court. Any out-of-state
entity acting in a fiduciary capacity in this state which has surrendered
its right to exercise such fiduciary powers in this state may have its pledged
securities released to it upon furnishing to the department such proof as
the department may require to show that such out-of-state entity is no longer
acting as a fiduciary in this state.

Legislative History

Source: Laws 1939, c. 3, § 2, p. 60; C.S.Supp.,1941, § 8-212; R.S.1943, § 8-214; Laws 1993, LB 81, § 28; Laws 1998, LB 1321, § 43; Laws 2012, LB963, § 8. Cross References: Interstate Trust Company Office Act, see section 8-2301.