7 Pa. Stat. § 1906
Current through Pa Acts 2024-53, 2024-56 through 2024-92
All assets of a private bank shall be segregated and kept apart from the property and assets of the owner or owners of the private bank in their individual capacities. All such assets shall be carried in the name of the private bank or in the name of a nominee of the private bank. If its name is the same as that of the individual owner, or, in the case of a partnership, of any of the owners thereof, all assets of the private bank shall be carried in such name, with the addition of the descriptive words "private bank." In such case all deeds, mortgages, assignments, contracts and agreements shall be received, taken or entered into in the name of the private bank with the addition of the descriptive words "private bank."
7 P.S. § 1906