N.Y. Estates, Powers & Trusts Law § 11-1.8: Power of fiduciary or custodian for fiduciary to deposit

§ 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.