33-2-606. Assignment or conveyance of assets or securities. - Montana Statutes

     33-2-606. Assignment or conveyance of assets or securities. All securities not negotiable by delivery and deposited under this code must be duly assigned to the commissioner and the commissioner's successors in office. In the case of securities held under custodial arrangements outside this state pursuant to 33-2-604(3), the custodian's receipt for the securities must be delivered, if negotiable, or assigned to the commissioner if legal title to the securities is vested in the commissioner. The insurer shall transfer or convey to the commissioner and the commissioner's successors in office all other assets deposited. Upon release to the insurer of any asset or security, the commissioner shall reassign or transfer or reconvey the asset or security to the insurer.

     History: En. Sec. 138, Ch. 286, L. 1959; R.C.M. 1947, 40-3207; amd. Sec. 1087, Ch. 56, L. 2009.