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Can you summarize KSST 9-1128?
BANKING CODE; POWERS > Deposits by banks or trust companies acting as fiduciaries or custodians for fiduciaries of certain securities guaranteed by the United States or agencies thereof; rules and regulations; records of ownership; certifications of deposit.
Short Summary
This legal document authorizes banks or trust companies acting as fiduciaries or custodians for fiduciaries to deposit securities guaranteed or backed by the United States or its agencies with the federal reserve bank. These deposits are credited to fiduciary or safekeeping accounts. The bank or trust company must comply with rules and regulations set by the state bank commissioner or the comptroller of the currency. The records of the bank or trust company must show the ownership of the securities held in the account. Ownership and other interests in the securities can be transferred through entries on the books of the federal reserve bank without physical delivery. The bank or trust company must provide written certification of the deposited securities to the fiduciary upon request. This document does not mention any specific penalties or exemptions.
Whom does it apply to?
Banks and trust companies acting as fiduciaries or custodians for fiduciaries of certain securities guaranteed by the United States or agencies thereof.
What does it govern?
Deposits by banks or trust companies acting as fiduciaries or custodians for fiduciaries of certain securities guaranteed by the United States or agencies thereof; rules and regulations; records of ownership; certifications of deposit.
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Kansas