§ 11-1.10 Power of fiduciary to employ a broker-dealer as custodian

Notwithstanding any other provision of law any fiduciary (as defined
in section 1-2.7 or 11-1.1 (a) (3)) is authorized: (1) to employ any
broker-dealer which is registered with the Securities and Exchange
Commission and the department of law of the state of New York (referred
to in this section as "broker") as a custodian for a fiduciary of any
stock or other securities (referred to in this section as "securities");
(2) to register such securities in the name of such broker. Such broker
shall have the same power and shall be subject to the same restrictions
with respect to the treatment of such securities as any bank or trust
company acting as a custodian for a fiduciary and such securities shall
be subject to the same treatment as securities held by such a custodian
for a fiduciary as provided in sections 11-1.1 (b) (9) (10), 11-1.6,
11-1.8, and 11-1.9 of this part. Any such securities held by a broker in
which the broker does not have a lien for indebtedness due to it from
the estate or trust may not be pledged, lent, hypothecated or disposed
of except upon the specific instruction of the fiduciary.