32-1-427. Fiduciaries -- deposit of securities with a federal reserve bank. (1) Notwithstanding any other provision of law, any bank or trust company when acting as fiduciary as defined in 32-1-425 and any bank or trust company when holding securities as custodian for a fiduciary is authorized to deposit or arrange for the deposit with the federal reserve bank in its district of any securities the principal and interest of which the United States or any department, agency, or instrumentality thereof has agreed to pay or has guaranteed payment, to be credited to one or more accounts on the books of the federal reserve bank in the name of the bank or trust company, to be designated fiduciary or safekeeping accounts, to which accounts other similar securities may be credited. A bank or trust company so depositing securities with a federal reserve bank shall be subject to such rules with respect to the making and maintenance of such deposit as, in the case of state-chartered institutions, the state banking board and, in the case of national banking associations, the comptroller of the currency may from time to time adopt. The records of the bank or trust company shall at all times show the ownership of the securities held in such account. Ownership of and other interests in the securities credited to such account may be transferred by entries on the books of the federal reserve bank without physical delivery of any securities. A bank or trust company acting as custodian for a fiduciary shall, on demand of the fiduciary, certify in writing to the fiduciary the securities deposited by the bank or trust company with the federal reserve bank for the account of such fiduciary. A fiduciary shall, on demand by any party to its accounting or on demand by the attorney for the party, certify in writing to the party the securities deposited by the fiduciary with the federal reserve bank for its account as such fiduciary.
(2) This section shall apply to all fiduciaries and custodians for fiduciaries acting on July 1, 1977, or who thereafter may act regardless of the date of the instrument or court order by which they are appointed.
History: En. 5-1603 by Sec. 5, Ch. 278, L. 1977; R.C.M. 1947, 5-1603.
Structure Montana Code Annotated
Title 32. Financial Institutions
Chapter 1. Banks and Trust Companies
Part 4. Operation and Regulation
32-1-401. Bank advertising before issuance of charter
32-1-402. When advertising as bank prohibited -- trade names restricted
32-1-403. Penalty for transacting business without certificate
32-1-404. through 32-1-410 reserved
32-1-411. Extent assets may be pledged
32-1-412. Limits on excessive borrowing
32-1-413. Borrowing money for capital purposes -- status of capital
32-1-414. No certificate of deposit to issue for borrowed money
32-1-415. through 32-1-419 reserved
32-1-420. Investment by trust fiduciary in management investment company or investment trust
32-1-421. Investment of capital of savings banks
32-1-422. Restriction on investment in corporate stock -- rulemaking authority
32-1-423. Real estate that banks may purchase, hold, or convey
32-1-424. Investments of financial institutions
32-1-426. Deposit of securities in central depository
32-1-427. Fiduciaries -- deposit of securities with a federal reserve bank
32-1-429. Insurance activities -- exemption -- rulemaking
32-1-430. Authority of state banks to make real estate loans -- borrower insurance requirements
32-1-432. Limitations on loans -- rulemaking
32-1-433. Investment in certain securities -- rulemaking authority
32-1-435. Federal housing securities eligible collateral
32-1-437. Acceptance and issuance of drafts -- rulemaking authority
32-1-438. and 32-1-439 reserved
32-1-444. Deposit in name of minor
32-1-445. Demand or time deposits
32-1-446. Safe deposit department
32-1-447. Giving security for deposit prohibited -- exceptions
32-1-448. Payments to foreign administrator
32-1-449. and 32-1-450 reserved
32-1-451. Statement of capital, resources, and liabilities
32-1-452. Dividends, surplus, losses, and bad debts
32-1-453. Calculation of profits
32-1-454. Past-due and doubtful paper
32-1-455. Reserve requirements
32-1-456. through 32-1-460 reserved
32-1-461. Bonding of employees
32-1-462. Persons previously convicted under banking laws -- bank employment
32-1-463. Sale of securities by officer to bank
32-1-464. Fraud by director, officer, agent, or employee
32-1-465. Limit on loans to officer, director, or principal shareholder
32-1-466. Purchase of obligation of bank by officer
32-1-467. Loans to managing officer
32-1-468. Removal of directors, officers, or employees -- hearing
32-1-469. and 32-1-470 reserved
32-1-471. Penalty for unlawful hypothecation of property received
32-1-472. Concealing actions from directors
32-1-473. Theft of funds by directors, officers, or employees
32-1-474. False statement to obtain loan
32-1-475. through 32-1-480 reserved
32-1-482. Transaction on holidays
32-1-483. Closing on Saturdays authorized -- Saturday treated as holiday
32-1-484. Banking hours and business days
32-1-485. Interest payable at bank on Saturday -- how paid
32-1-486. through 32-1-490 reserved
32-1-491. Destruction of records
32-1-492. Definitions -- reproduction of bank records -- admissibility in evidence -- cost recovery
32-1-493. Admissibility of copies in evidence -- exception when original available
32-1-494. Destruction or reproduction "in regular course of business" defined