2023 New York Laws › EPT - Estates, Powers and Trusts › Article 11 - Fiduciary: Powers, Duties and Limitations; Actions by or Against in Representative or Individual Capacities › Part 1 - Fiduciaries: Powers, Duties and Limitations › 11-1.9 - Power of Fiduciary or Custodian to Deposit Securities in a Central Depository

§ 11-1.9 Power  of  Fiduciary  or  Custodian  to Deposit Securities in a
Central Depository
(a) Notwithstanding any other provision  of  law,  any  fiduciary  (as
defined  in section 1-2.7) holding securities in its fiduciary capacity,
any bank, trust company  or  private  banker  holding  securities  as  a
custodian  or  managing  agent,  and  any bank, trust company or private
banker holding securities as  custodian  for  a  fiduciary  pursuant  to
section  11-1.1  (b)(9),  is  authorized to deposit or arrange through a
subcustodian or otherwise for  the  deposit  of  such  securities  in  a
clearing  corporation  (as  defined  in  article  eight  of  the Uniform
Commercial Code). When such securities are  so  deposited,  certificates
representing  securities  of  the  same  class of the same issuer may be
merged and held in bulk in the name of  the  nominee  of  such  clearing
corporation  with  any  other such securities deposited in such clearing
corporation  by  any  person  regardless  of  the  ownership   of   such
securities,  and  certificates  of small denomination may be merged into
one or more certificates of larger denomination.  The  records  of  such
fiduciary  and the records of such bank, trust company or private banker
acting as custodian, as managing agent or as custodian for  a  fiduciary
shall  at  all  times  show  the name of the party for whose account the
securities are so deposited. Ownership of, and other interests in,  such
securities  may be transferred by bookkeeping entry on the books of such
clearing  corporation  without   physical   delivery   of   certificates
representing such securities. A bank, trust company or private banker so
depositing  securities pursuant to this section shall be subject to such
rules and regulations as, in the case of state  chartered  institutions,
the  state  superintendent  of  financial  services  and, in the case of
national banking associations, the comptroller of the currency may  from
time  to  time  issue. A bank, trust company or private banker acting as
custodian for a fiduciary shall, on demand by the fiduciary, certify  in
writing to the fiduciary the securities so deposited by such bank, trust
company  or  private banker in such clearing corporation for the account
of such fiduciary. A fiduciary shall,  on  demand  by  any  party  to  a
judicial proceeding for the settlement of such fiduciary's account or on
demand  by the attorney for such party, certify in writing to such party
the securities deposited by such fiduciary in such clearing  corporation
for its account as such fiduciary.
(b)  This  section  shall apply to any fiduciary holding securities in
its fiduciary capacity, and to any bank, trust company or private banker
holding securities as a custodian, managing agent  or  custodian  for  a
fiduciary,  acting  on  the  effective  date  of  this  section  or  who
thereafter may act regardless of the date of the  agreement,  instrument
or court order by which it is appointed and regardless of whether or not
such  fiduciary,  custodian, managing agent or custodian for a fiduciary
owns capital stock of such clearing corporation.