§ 11-1.8 Power of fiduciary or custodian for fiduciary to deposit
United States government and agency securities with a federal reserve
bank

(a) Notwithstanding any other provision of law, any bank or trust
company, when acting as fiduciary and any bank, trust company or private
banker, when holding securities as custodian for a fiduciary pursuant to
§ 11-1.1(b) (9), is authorized to deposit, or arrange through a
subcustodian or otherwise 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 said federal reserve bank in the name of
such bank, trust company or private banker, to be designated fiduciary
or safekeeping accounts, to which account other similar securities may
be credited. A bank, trust company or private banker so depositing
securities with a federal reserve bank shall be subject to such rules
and regulations with respect to the making and maintenance of such
deposit 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. The records of such bank, trust company or private banker
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 said
federal reserve bank without physical delivery of any securities. 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 with such 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 such party, certify in writing to such
party the securities deposited by such fiduciary with such federal
reserve bank for its account as such fiduciary.

(b) This section shall apply to all fiduciaries, and custodians for
fiduciaries, acting on the effective date of this section or who
thereafter may act regardless of the date of the instrument or court
order by which they are appointed.