N.Y. Estates, Powers & Trusts Law § 11-1.10: Power of fiduciary to employ a broker-dealer as custodian

§ 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.