§ 35-5-10 — Bank and trust company fiduciaries may register and hold securities for nominees.

South Carolina § 35-5-10

• Jurisdiction: South Carolina
• Title 35: SECURITIES
• Ch. 5: NOMINEE REGISTRATION OF SECURITIES HELD BY CORPORATE FIDUCIARIES

Text

Any bank or trust company incorporated under the laws of this State or any national bank located in this State may, when acting in any fiduciary capacity whether as sole fiduciary or as a co-fiduciary, register and hold, in the name of a nominee or nominees thereof, any stocks, bonds or other securities held in such fiduciary capacity, if when acting as co-fiduciary it secures the consent of its co-fiduciaries, who are hereby authorized to give such consent; provided that: (1) The records of the fiduciary or fiduciaries and all accounts rendered by it or them shall at all times clearly show the ownership of the securities so registered. (2) Such securities shall at all times be kept separate and apart from the assets of such bank, trust company or national bank. (3) The bank, trust company or national bank shall be liable for any loss resulting from any acts or omissions to act of such nominee, in connection with the securities so held by such nominee, to the same extent as if such securities had been held in the fiduciary's own name as fiduciary.

Legislative History

HISTORY: 1962 Code SECTION 62-431; 1959 (51) 376.