9-1603. Assets held in fiduciary capacity segregated; records; security of funds. (a) As soon as any bank shall exercise any trust authority, it shall segregate all assets held in any fiduciary capacity and shall keep a separate set of books and records showing in proper detail all fiduciary transactions. Such books and records shall at all times be subject to inspection and supervision of the commissioner.
(b) Funds held by such bank in trust that are awaiting investment or distribution, less the amount which is insured by the federal deposit insurance corporation, shall have United States bonds or other securities approved by the commissioner pledged to such funds in an equal sum.
History: L. 1947, ch. 102, § 79; L. 1963, ch. 63, § 1; L. 2015, ch. 38, § 91; July 1.
Structure Kansas Statutes
Chapter 9 - Banks And Banking; Trust Companies
Article 16 - Banking Code; Trust Authority
9-1601 Application and authority to act as trust company; exemptions.
9-1602 Revoking trust authority.
9-1603 Assets held in fiduciary capacity segregated; records; security of funds.
9-1604 Liquidation, termination of trust business.
9-1607 Appointment of nominee when acting as fiduciary; records.
9-1609 Fiduciary may establish collective investment funds.
9-1612 Company having control over a bank or trust company defined.