N.Y. Banking Law § 165: Segregation of investments; title to be taken in descriptive name

§ 165. Segregation of investments; title to be taken in descriptive

name. 1. Every private banker shall segregate and keep separate and

apart from all other property and assets of the individual or

partnership all securities and property, and the evidences of title

thereto, in which funds held by him as a private banker and the surplus

used by him in his private banking business have been invested. The

phrase "funds held by him as a private banker" shall for the purpose of

this chapter mean such private banker's permanent capital and moneys

received by him on deposit.

2. All conveyances, deeds, mortgages, assignments, contracts and

agreements received, taken, or entered into by any private banker, in

connection with his banking business, shall be received, taken, or

entered into in the firm name if such private banker is a partnership or

in the name of such private banker with the addition of the descriptive

name "private banker" if such private banker is not a partnership.