S.D. Codified Laws § 51A-5-16

Current through the 2024 Legislative Session

Section 51A-5-16 - Custodian to certify deposited securities to fiduciary-Duty of fiduciary

A bank acting as custodian for a fiduciary shall, on demand by the fiduciary, certify in writing to the fiduciary the securities so deposited by the bank with the federal reserve bank for the account of the fiduciary. A fiduciary shall, on demand by any party to which it must account or on demand by the attorney for the party, certify in writing to the party the securities deposited by the fiduciary with the federal reserve bank for its account as the fiduciary.

SDCL 51A-5-16

SDCL, § 51-19-7 as added by SL 1975, ch 292, § 1; SDCL, § 51-19-7.3; SL 1995, ch 268, § 73; SL 1997, ch 272, § 11; SL 2021, ch 203, §4.

Amended by S.L. 2021, ch. 203,s. 4, eff. 7/1/2021.