26-216. CUSTODIAL ACCOUNTS. A bank is authorized to act as custodian or fiduciary, and may receive reasonable compensation for so acting, under any written trust instrument or custodial agreement in connection with a tax-advantaged savings plan authorized under the Internal Revenue Code or chapter 30, title 63, Idaho Code, if the funds of such trust or funds subject to the custodial agreement are invested only in savings accounts or deposits in such bank or in obligations or securities issued by such bank. All funds held in such custodial or fiduciary capacity by any such bank may be commingled for appropriate purposes of investment, but individual records shall be kept by the custodian for each participant and shall show in proper detail all transactions engaged in under the authority of this section.
History:
[26-216, added 1979, ch. 41, sec. 2, p. 76; am. 2020, ch. 181, sec. 1, p. 557.]
Structure Idaho Code
Chapter 2 - ORGANIZATION AND CORPORATION POWERS OF BANKS
Section 26-201 - GENERAL CORPORATION LAWS APPLICABLE.
Section 26-202 - AUTHORIZATION NECESSARY TO DO BUSINESS.
Section 26-203 - ARTICLES OF INCORPORATION — FORM.
Section 26-204 - ARTICLES OF INCORPORATION — AMENDMENT.
Section 26-205 - INCORPORATION — CAPITAL STRUCTURE REQUIRED.
Section 26-206 - PREFERRED STOCK.
Section 26-208 - PLACE OF MEETINGS.
Section 26-209 - TIME OF ANNUAL MEETING.
Section 26-211 - STOCK-TRANSFERS.
Section 26-212 - RIGHT OF EXAMINATION BY STOCKHOLDER.
Section 26-215 - FEDERAL RESERVE — MEMBERSHIP.
Section 26-216 - CUSTODIAL ACCOUNTS.
Section 26-217 - BANKS EMPOWERED TO COMPLY WITH REQUIREMENTS FOR FEDERAL DEPOSIT INSURANCE.