Sec. 36a-384. (Formerly Sec. 36-318). Segregation of securities. Deposits. - Connecticut Statutes

      Sec. 36a-384. (Formerly Sec. 36-318). Segregation of securities. Deposits. The securities and investments of each trust committed to any such corporation so licensed shall be set apart and segregated and shall not be mingled with the securities and investments of any other trust or of the corporation. Any undistributed or temporarily uninvested cash held by such corporation as trustee shall be deposited in the name of the trust or in the name of the corporation as trustee in a bank, provided, when any such undistributed or uninvested cash is deposited in the name of the corporation as trustee, such deposits shall be so identified on the books of the corporation as to disclose the beneficial ownership thereof.

      (1949 Rev., S. 6022; P.A. 94-122, S. 178, 340.)

      History: P.A. 94-122 allowed nonbank trust companies to deposit undistributed or uninvested trust funds in any bank, effective January 1, 1995; Sec. 36-318 transferred to Sec. 36a-384 in 1995.

      See Sec. 45a-208 re deposit of securities in clearing corporation.