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28-69-203. Investments generally — Liability.
Arkansas Code — all titles (historical 2020) · legal_authorities
28-69-203. Investments generally — Liability.
(a) Any state bank, national bank, or trust company authorized to do business in this state when acting as a fiduciary or as a co-fiduciary with others, with the consent of its co-fiduciary, if any, who are authorized to give such consent, may cause any investment held in any fiduciary capacity to be registered and held in the name of a nominee or nominees of the bank or trust company.
(b) The records of the bank or trust company shall at all times show the ownership of any such investment.
(c) The investments shall at all times be kept separate and apart from the assets of the bank or trust company.
(d)(1) Any bank or trust company shall be absolutely liable for any loss occasioned by the acts of any nominees of the bank or trust company with respect to any investment so registered.
(2) However, no liability for any loss occasioned by the acts of any bank or trust company, or the nominee of either of them with respect to the investments so registered, shall be imposed upon any corporation or its transfer agent or registrar which registers its stock or other securities in the name of the bank or trust company, or the nominee of either of them, in accordance with the provisions of this section.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 28-69-203
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:28-69-203
Source file: gov.ar.code.title.28.odt
Pages: Not recorded – Not recorded
Passage SHA-256: e5ce225024ffab919de91872a94574e1b045387aa417c24e38bab373f92f3c9a
Source location: content.xml paragraph 11255
Stored source content
28-69-203. Investments generally — Liability.
(a) Any state bank, national bank, or trust company authorized to do business in this state when acting as a fiduciary or as a co-fiduciary with others, with the consent of its co-fiduciary, if any, who are authorized to give such consent, may cause any investment held in any fiduciary capacity to be registered and held in the name of a nominee or nominees of the bank or trust company.
(b) The records of the bank or trust company shall at all times show the ownership of any such investment.
(c) The investments shall at all times be kept separate and apart from the assets of the bank or trust company.
(d)(1) Any bank or trust company shall be absolutely liable for any loss occasioned by the acts of any nominees of the bank or trust company with respect to any investment so registered.
(2) However, no liability for any loss occasioned by the acts of any bank or trust company, or the nominee of either of them with respect to the investments so registered, shall be imposed upon any corporation or its transfer agent or registrar which registers its stock or other securities in the name of the bank or trust company, or the nominee of either of them, in accordance with the provisions of this section.
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