KRS 286.3-212: Deposit of securities with district federal reserve bank by bank acting as

fiduciary or custodian for fiduciary -- Accounting and crediting of deposits.

(1) Notwithstanding any other provision of law, any bank, when acting as a fiduciary or

when hol ding securities as custodian for a fiduciary, is authorized to deposit, or

arrange 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 (1) or more accounts on the books of said federal reserve bank in the name of

such bank, to be designated fiduciary for safekeeping accounts, to which account

other similar securities may be credited. A bank 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 a bank organized

under the laws of this st ate, the commissioner, and, in the case of the national

banking associations, the comptroller of the currency, may from time to time issue.

The records of such bank 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 acting as custodian for a

fiduciary shall, on demand by the fiducia ry, certify in writing to the fiduciary the

securities so deposited by such bank 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, cer tify in writing to such party the securities

deposited by such fiduciary with such federal reserve bank for its account as such

fiduciary.

(2) This section shall apply to any fiduciary, and any custodian for fiduciaries, acting on

June 21, 1974, or who the reafter may act regardless of the date of the agreement,

instrument or court order by which it is appointed.

(3) As used in this section, "fiduciary" includes an executor, administrator, trustee

under any trust, express, implied, resulting or constructive, guardian, conservator,

receiver, trustee in bankruptcy, assignee for the benefit of creditors, partner, agent,

officer of a corporation, public or private, public officer or any other person acting

in a fiduciary capacity for any person, trust or estate.