2006 Minnesota Statutes

520.32 DEPOSIT OF SECURITIES IN CENTRAL DEPOSITORY.
    Subdivision 1. Authorization. Notwithstanding any other provision of law, any fiduciary,
as defined in sections 520.01 or 520.21, holding securities in its fiduciary capacity, any bank
or trust company holding securities as a custodian or managing agent, and any bank or trust
company holding securities as custodian for a fiduciary is authorized to deposit or arrange for
the deposit of such securities in a clearing corporation, as defined in section 336.8-102. When
such securities are so deposited, certificates representing securities of the same class of the same
issuer may be merged and held in bulk in the name of the nominee of such clearing corporation
with any other such securities deposited in such clearing corporation by any person regardless
of the ownership of such securities, and certificates of small denomination may be merged into
one or more certificates of larger denomination. The records of such fiduciary and the records
of such bank or trust company acting as custodian, as managing agent or as custodian for a
fiduciary shall at all times show the name of the party for whose account the securities are so
deposited. Title to such securities may be transferred by bookkeeping entry on the books of such
clearing corporation without physical delivery of certificates representing such securities. A bank
or trust company so depositing securities pursuant to this section shall be subject to such rules
as, in the case of state chartered institutions, the state Department of Commerce and, in the case
of national banking associations, the comptroller of the currency may from time to time issue.
A bank or trust company acting as custodian for a fiduciary shall, on demand by the fiduciary,
certify in writing to the fiduciary the securities so deposited by such bank or trust company in
such clearing corporation for the account of such fiduciary. A fiduciary shall, on demand by any
party to a judicial proceeding for the settlement of such fiduciary's account or on demand by the
attorney for such party, certify in writing to such party the securities deposited by such fiduciary
in such clearing corporation for its account as such fiduciary.
    Subd. 2. Applicability. This section shall apply to any fiduciary holding securities in its
fiduciary capacity, and to any bank or trust company holding securities as a custodian, managing
agent or custodian for a fiduciary, acting on February 14, 1974 or who thereafter may act
regardless of the date of the agreement, instrument or court order by which it is appointed and
regardless of whether or not such fiduciary, custodian, managing agent or custodian for a fiduciary
owns capital stock of such clearing corporation.
History: 1974 c 46 s 3; 1985 c 248 s 70