§412:8-202  Acting as agent.  (a)  Atrust company may act as an agent in behalf of a principal in the transactionof any business or in the management of any property, real, personal or mixed,with such powers as the trust company may exercise under sections 412:8-200 and412:8-201; provided, that its duties as such agent and the terms and conditionsof the agency or power are set forth either specifically or generally in awritten memorandum signed by the principal.

(b)  Every trust company undertaking orcontinuing to act as agent for any principal pursuant to this section shallmail or deliver to the principal or any authorized representative of theprincipal at stated intervals, not less frequently than once a year, and at thetermination of the agency, a written statement of account setting forth:

(1)  All receipts and disbursements since theinception of the agency or the last previous account rendered under thisparagraph, as the case may be, in such detail as will identify all propertiespurchased or sold during the period;

(2)  The credit or debit balance, as the case may be,as of the final date of the accounting period; and

(3)  A complete inventory of all properties, whetherreal, personal, or mixed, title to or custody or safekeeping of which is thenheld by the trust company for the account of the principal.  The account shallcontain such segregation of principal and income as the principal in writingspecifically requires.

(c)  Unless previously barred by adjudication,consent or limitation, any claim against an agent for breach of fiduciary dutyin connection with the agency relationship is barred as to any principal towhom the agent has mailed or delivered an annual or final accounting fullydisclosing the matter in question unless a proceeding to assert the claim iscommenced within two years after the annual or final accounting has been mailedor delivered to the principal.  In any event and notwithstanding lack of fulldisclosure, an agent who has mailed or delivered an annual or final accountingto the principal and has informed the principal of the location andavailability of records for the principal's examination is protected afterthree years from the date such accounting was mailed or delivered.

(d)  Every trust company shall have on hand atall times in actual money of the United States an amount equal to at leasttwelve per cent of all agency credit balances payable on demand and of accountspayable, plus at least five per cent of all agency credit balances payable ontime; provided that such reserve may be deposited payable on demand in banksand other trust companies approved by the commissioner or may be cash in thevaults of the trust company.

(e)  The requirements of this section shall notapply to occasional or isolated acts performed under special instructions or atthe special request of a principal who is not a general or regular client ofthe trust company. [L 1993, c 350, pt of §1]