N.Y. Estates, Powers & Trusts Law § 11-1.9: Power of Fiduciary or Custodian to Deposit Securities in a

§ 11-1.9 Power of Fiduciary or Custodian to Deposit Securities in a

Central Depository

(a) Notwithstanding any other provision of law, any fiduciary (as

defined in section 1-2.7) holding securities in its fiduciary capacity,

any bank, trust company or private banker holding securities as a

custodian or managing agent, and any bank, trust company or private

banker holding securities as custodian for a fiduciary pursuant to

section 11-1.1 (b)(9), is authorized to deposit or arrange through a

subcustodian or otherwise for the deposit of such securities in a

clearing corporation (as defined in article eight of the Uniform

Commercial Code). When such securities are so deposited, certificates

representing securities of the same class of the same issuer may be

merged and held in bulk in the name of the nominee of such clearing

corporation with any other such securities deposited in such clearing

corporation by any person regardless of the ownership of such

securities, and certificates of small denomination may be merged into

one or more certificates of larger denomination. The records of such

fiduciary and the records of such bank, trust company or private banker

acting as custodian, as managing agent or as custodian for a fiduciary

shall at all times show the name of the party for whose account the

securities are so deposited. Ownership of, and other interests in, such

securities may be transferred by bookkeeping entry on the books of such

clearing corporation without physical delivery of certificates

representing such securities. A bank, trust company or private banker so

depositing securities pursuant to this section shall be subject to such

rules and regulations 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. 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 in such clearing corporation for the account

of such fiduciary. A fiduciary shall, on demand by any party to a

judicial proceeding for the settlement of such fiduciary's account or on

demand by the attorney for such party, certify in writing to such party

the securities deposited by such fiduciary in such clearing corporation

for its account as such fiduciary.

(b) This section shall apply to any fiduciary holding securities in

its fiduciary capacity, and to any bank, trust company or private banker

holding securities as a custodian, managing agent or custodian for a

fiduciary, acting on the effective date of this section or who

thereafter may act regardless of the date of the agreement, instrument

or court order by which it is appointed and regardless of whether or not

such fiduciary, custodian, managing agent or custodian for a fiduciary

owns capital stock of such clearing corporation.