Section 520.33 — Deposit Of United States Government And Agency Securities With A Federal Reserve Bank.
520.33 DEPOSIT OF UNITED STATES GOVERNMENT AND AGENCY SECURITIES WITH A FEDERAL RESERVE BANK. Subdivision 1. Authorization. Notwithstanding any other provision of law, any bank or trust company, when acting as fiduciary, as defined in section 520.01 or 520.21, and any bank or trust company, when holding securities as custodian for a fiduciary, is authorized […]
Section 520.27 — Nonliability Of Third Persons.
520.27 NONLIABILITY OF THIRD PERSONS. (a) No person who participates in the acquisition, disposition, assignment or transfer of a security by or to a fiduciary, including a person who guarantees the signature of the fiduciary, is liable for participation in any breach of fiduciary duty by reason of failure to inquire whether the transaction involves […]
Section 520.28 — Territorial Application.
520.28 TERRITORIAL APPLICATION. (a) The rights and duties of a corporation and its transfer agents in registering a security in the name of a fiduciary or in making a transfer of a security pursuant to an assignment by a fiduciary are governed by the law of the jurisdiction under whose laws the corporation is organized. […]
Section 520.29 — Tax Obligations.
520.29 TAX OBLIGATIONS. Sections 520.21 to 520.31 do not affect any obligation of a corporation or transfer agent with respect to estate, inheritance, succession, or other taxes imposed by the laws of this state. History: 1961 c 462 s 9
Section 520.30 — Uniformity Of Interpretation.
520.30 UNIFORMITY OF INTERPRETATION. Sections 520.21 to 520.31 shall be so construed as to effectuate its general purpose to make uniform the law of those states which enact it. History: 1961 c 462 s 10
Section 520.31 — Short Title.
520.31 SHORT TITLE. Sections 520.21 to 520.31 may be cited as the “Uniform Act for the Simplification of Fiduciary Security Transfers.” History: 1961 c 462 s 11
Section 520.32 — Deposit Of Securities In Central Depository.
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 […]
Section 520.10 — Deposit In Names Of Two Or More Trustees.
520.10 DEPOSIT IN NAMES OF TWO OR MORE TRUSTEES. When a deposit is made in a bank in the name of two or more persons as trustees and a check is drawn upon the trust account by any trustee or trustees authorized by the other trustee or trustees to draw checks upon the trust account, […]
Section 520.11 — Application.
520.11 APPLICATION. The provisions of sections 520.01 to 520.13 shall not apply to transactions taking place prior to the time when Laws 1945, chapter 202, takes effect. History: 1945 c 202 s 11
Section 520.12 — Cases Not Provided For In Sections 520.01 To 520.13.
520.12 CASES NOT PROVIDED FOR IN SECTIONS 520.01 TO 520.13. In any case not provided for in sections 520.01 to 520.13 the rules of law and equity including the law merchant and those rules of law and equity relating to trusts, agency, negotiable instruments, and banking, shall continue to apply. History: 1945 c 202 s […]