South Dakota Codified Laws
Chapter 05 - Trust Business Of Banks
Section 51A-5-20 - Nominees used by bank acting as fiduciary or cofiduciary.

51A-5-20. Nominees used by bank acting as fiduciary or cofiduciary.
Any bank, when acting as a fiduciary or a cofiduciary with others, or as an agent for other fiduciaries, may, with the consent of its cofiduciary or cofiduciaries, if any, who are hereby authorized to give such consent, or the fiduciaries for whom it is acting, cause any investment held in any such capacity to be registered and held in the name of a nominee or nominees of such bank. Such bank shall be liable for the acts of any such nominee with respect to any investment so registered. The records of such bank shall at all times show the trust for which any such investment is held and the securities shall be in the possession and control of such bank and be kept separate and apart from the assets of such bank.

Source: SL 1969, ch 11, §5.9; SDCL, §51-19-10.

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Structure South Dakota Codified Laws

South Dakota Codified Laws

Title 51A - Banks and Banking

Chapter 05 - Trust Business Of Banks

Section 51A-5-1 - Use of "trust" in name restricted--Exercise of trust powers restricted--Misdemeanor.

Section 51A-5-1.1 - Powers of banks engaging in trust business.

Section 51A-5-1.2 - "Trust business" defined.

Section 51A-5-2 - Bank as trustee or custodian for retirement benefit plans.

Section 51A-5-3 - Fiduciary authority of bank authorized by charter to exercise trust powers.

Section 51A-5-4 - Deposit required to do trust business--Amount and form of deposit--Disposition of income.

Section 51A-5-5 - Deposit available for satisfaction of claims upon liquidation, abandonment of trust powers, or resignation from fiduciary positions.

Section 51A-5-6 - National banks' authority to engage in trust business--Examination of trust business--Acceptance of federal examination.

Section 51A-5-7 - Foreign bank or trust company to comply with requirements to act as fiduciary in state--Violation as misdemeanor.

Section 51A-5-8 - Reciprocal privileges extended to foreign bank or trust company acting as fiduciary.

Section 51A-5-9 - Filing with Office of the Secretary of State by foreign bank or trust company acting as fiduciary--Designation as agent to receive process--Service of process.

Section 51A-5-10 - Establishment of place of business not permitted or prohibited by filing requirements.

Section 51A-5-11 - Investment powers of trust company.

Section 51A-5-12 - Voting of bank shares by cotrustee.

Section 51A-5-13 - Segregation of assets held by bank as fiduciary.

Section 51A-5-14 - Deposit of federally guaranteed securities with federal reserve bank.

Section 51A-5-15 - Records of depositor to show ownership of securities--Transfers by book entries.

Section 51A-5-16 - Custodian to certify deposited securities to fiduciary--Duty of fiduciary.

Section 51A-5-17 - Application of provisions to fiduciaries and custodians whenever appointed.

Section 51A-5-19 - Oath or bond not required of bank to qualify as fiduciary.

Section 51A-5-20 - Nominees used by bank acting as fiduciary or cofiduciary.

Section 51A-5-21 - Deposit in clearing corporation of securities held as fiduciary or custodian.

Section 51A-5-22 - Ownership of stock in clearing corporation not required for deposit of securities by fiduciary or custodian.

Section 51A-5-23 - Holding in bulk of securities deposited in clearing corporation--Merger of certificates.

Section 51A-5-24 - Records of securities deposited in clearing corporation--Transfer by book entry--Certification to interested party of securities held.

Section 51A-5-25 - Approval or ratification of acceptance or relinquishment of fiduciary accounts by board of directors or committee.

Section 51A-5-26 - Supervision of investment of fiduciary funds by committee designated by board of directors.

Section 51A-5-27 - Reports of committees designated to supervise fiduciary accounts.