TITLE 18
Fiduciaries

CHAPTER 18-10
Registration of Securities in Name of Nominee

SECTION 18-10-3


§ 18-10-3 Liability of trust company or banking association – Accounts to show ownership.

(a) Any trust company or national banking association shall be absolutely liable for any loss occasioned by the acts of any nominee or nominees of the trust company or national banking association with respect to any property so registered.

(b) The records of the fiduciary, whether corporate or individual, and the records of the trust company or national banking association in case of the registry of any property under the provisions of § 18-10-2, and all reports or accounts rendered by any fiduciary, corporate or individual, shall clearly show the ownership of the property by the fiduciary, corporate or individual.

(c) Any property so registered shall at all times be kept separate and apart from the assets of the trust company or national banking association.

History of Section.
(P.L. 1958, ch. 101, § 3.)