§ 13-5-409 — Financial transactions

Wyoming § 13-5-409

• Jurisdiction: Wyoming
• Title 13: Banks, Banking and Finance
• Ch. 5: TRUST COMPANIES
• Art. 4: SUPERVISED TRUST COMPANIES

Text

(a) Every supervised trust company shall keep all trust
funds and investments separate and apart from the assets of the
supervised trust company and all investments made by the
supervised trust company as a fiduciary shall be designated so
that the trust or estate to which such investments belong may be
clearly identified.
(b) Every supervised trust company holding trust funds
awaiting investment or distribution may deposit or leave on
deposit such funds with a state or nationally chartered bank or
savings and loan association or invest the funds in other cash
equivalent investments, including but not limited to uninsured
money market funds or United States treasury bills with a
duration of twelve (12) months or less. The funds shall not be
deposited or left with the same corporation or association
depositing or leaving on deposit such funds, nor with a
corporation or association holding or owning a majority of the
capital stock of the supervised trust company making or leaving
the deposit, unless the corporation or association shall first
pledge, as security for the deposit, securities eligible for
investment by state banks that have a market value equal to that
of the deposited funds. No security shall be required with
respect to any portion of such deposits which are insured under
the provisions of any law of the United States.
(c) Every supervised trust company acting in any capacity
under a trust, unless the instrument creating the trust provides
otherwise, may cause any securities or other property held by it
in its representative capacity to be registered in the name of a
nominee or nominees of the supervised trust company.
(d) Every supervised trust company when acting as
depositary or custodian for the fiduciary of a trust, unless the
instrument creating the trust provides otherwise, may with the
consent of the fiduciary of the trust, cause any securities or
other property held by it to be registered in the name of a
nominee or nominees of the supervised trust company.
(e) Every supervised trust company shall be liable for any
loss occasioned by the acts of any of its nominees with respect
to securities or other property registered under subsections (c)
and (d) of this section.
(f) No corporation or the registrar or transfer agent
thereof shall be liable for registering or causing to be
registered on the books of the corporation any securities in the
name of any nominee of a supervised trust company or for
transferring or causing to be transferred on the books of the
corporation any securities theretofore registered by the
corporation in the name of any nominee of a supervised trust
company, as provided in this section, when the transfer is made
on the authorization of the nominee.