Section 402 - Powers to act as fiduciary and in other representative capacities(a) An institution may act, alone or with others, as:(iii) Custodian of property,(iv) Agent or attorney-in-fact,(v) Registrar or transfer agent of securities,(vi) Fiscal agent of the United States, a state or a political subdivision thereof, a public body, a corporation or an individual,(vii) Treasurer of a political subdivision or public body or of a nonprofit corporation, and(viii) Insurer of titles to, mortgages on and other interests in real estate--if the institution qualifies under the provisions of section 406.(b) An institution shall have, in respect of any capacity in which it may act pursuant to a power under subsection (a) of this section, all the rights and duties which an individual or a corporation has in such capacity under applicable law and under the terms upon which the institution is designated to act in such capacity.1965, Nov. 30, P.L. 847, No. 356, § 402.