7-5-9. Registration of investment in name of nominee -- Records -- Possession of
investment.
(1) A trust company may cause any security, as defined in Subsection 75-1-201 (43), held
in its agency or fiduciary capacity to be registered and held in the name of a nominee or nominees
of the trust company. The trust company shall be liable for the acts of any such nominee with
respect to any investment so registered. Investments other than securities held in the name of a
nominee on June 30, 1981, may continue to be held in that manner.
(2) The records of the trust company shall at all times show the ownership of any such
investment, which investment shall be in the possession or control of the trust company and be
kept separate and apart from the assets of the trust company.
Amended by Chapter 39, 1998 General Session
Download Code Section Zipped WordPerfect 07_05_000900.ZIP 1,944 Bytes
Sections in this Chapter|Chapters in this Title|All Titles|Legislative Home Page
Last revised: Thursday, May 28, 2009