9-1128.   Deposits by banks or trust companies acting as fiduciaries orcustodians for fiduciaries of certain securities guaranteed by the UnitedStates or agencies thereof; rules and regulations; records of ownership;certifications of deposit.Notwithstanding any other provision of law, any bank or trust companywhen acting as fiduciary, and any bank or trust company when holdingsecurities as custodian for a fiduciary, is authorized to deposit, orarrange for the deposit, with the federal reserve bank in its district ofany securities the principal and interest of which the United States or anydepartment, agency or instrumentality thereof has agreed to pay, or hasguaranteed payment, to be credited to one or more accounts on the books ofsaid federal reserve bank in the name of such bank or trust company, to bedesignated fiduciary or safekeeping accounts, to which account othersimilar securities may be credited. A bank or trust company so depositingsecurities with a federal reserve bank shall be subject to such rules andregulations with respect to the making and maintenance of such deposit as,in the case of a state bank incorporated under the laws of this state, thestate bank commissioner, and, in the case of national banking associations,the comptroller of the currency, may from time to time adopt andpromulgate. Any such rules and regulations of the state bank commissionershall be adopted and promulgated in the manner provided by K.S.A. 9-1713,and amendments thereto. The records of such bank or trust company shall atall times show the ownership of the securities held in such account.Ownership of, and other interests in, the securities credited to suchaccount may be transferred by entries on the books of said federal reservebank without physical delivery of any securities. A bank or trust companyacting as custodian for a fiduciary shall, on demand by the fiduciary,certify in writing to the fiduciary the securities so deposited by suchbank or trust company with such federal reserve bank for the account ofsuch fiduciary. A fiduciary shall, on demand by any party to its accountingor on demand by the attorney for such party, certify in writing to suchparty the securities deposited by such fiduciary with such federal reservebank for its account as such fiduciary.

      History:   L. 1974, ch. 43, § 1; July 1.