N.Y. EPT Law § 11-1.9 — New York Code / Act EPT / Article 11 / Part 1 / Section 11-1.9
Power of Fiduciary or Custodian to Deposit Securities in a
Status: in_force

§ 11-1.9 Power of Fiduciary or Custodian to Deposit Securities in a\n           Central Depository\n  (a) Notwithstanding any other provision of law, any fiduciary (as\ndefined in section 1-2.7) holding securities in its fiduciary capacity,\nany bank, trust company or private banker holding securities as a\ncustodian or managing agent, and any bank, trust company or private\nbanker holding securities as custodian for a fiduciary pursuant to\nsection 11-1.1 (b)(9), is authorized to deposit or arrange through a\nsubcustodian or otherwise for the deposit of such securities in a\nclearing corporation (as defined in article eight of the Uniform\nCommercial Code). When such securities are so deposited, certificates\nrepresenting securities of the same class of the same issuer may be\nmerged and held in bulk in the name of the nominee of such clearing\ncorporation with any other such securities deposited in such clearing\ncorporation by any person regardless of the ownership of such\nsecurities, and certificates of small denomination may be merged into\none or more certificates of larger denomination. The records of such\nfiduciary and the records of such bank, trust company or private banker\nacting as custodian, as managing agent or as custodian for a fiduciary\nshall at all times show the name of the party for whose account the\nsecurities are so deposited. Ownership of, and other interests in, such\nsecurities may be transferred by bookkeeping entry on the books of such\nclearing corporation without physical delivery of certificates\nrepresenting such securities. A bank, trust company or private banker so\ndepositing securities pursuant to this section shall be subject to such\nrules and regulations as, in the case of state chartered institutions,\nthe state superintendent of financial services and, in the case of\nnational banking associations, the comptroller of the currency may from\ntime to time issue. A bank, trust company or private banker acting as\ncustodian for a fiduciary shall, on demand by the fiduciary, certify in\nwriting to the fiduciary the securities so deposited by such bank, trust\ncompany or private banker in such clearing corporation for the account\nof such fiduciary. A fiduciary shall, on demand by any party to a\njudicial proceeding for the settlement of such fiduciary's account or on\ndemand by the attorney for such party, certify in writing to such party\nthe securities deposited by such fiduciary in such clearing corporation\nfor its account as such fiduciary.\n  (b) This section shall apply to any fiduciary holding securities in\nits fiduciary capacity, and to any bank, trust company or private banker\nholding securities as a custodian, managing agent or custodian for a\nfiduciary, acting on the effective date of this section or who\nthereafter may act regardless of the date of the agreement, instrument\nor court order by which it is appointed and regardless of whether or not\nsuch fiduciary, custodian, managing agent or custodian for a fiduciary\nowns capital stock of such clearing corporation.\n