30-3211 Registration of securities; name; conditions; liability of fiduciary. - Nebraska Statutes

30-3211. Registration of securities; name; conditions; liability of fiduciary.Any person or any corporation holding any stock, bond, note, debenture, or any other security or property, the title to which may be registered, hereinafter referred to as a security, as executor, administrator, trustee, guardian, conservator or in any other fiduciary capacity, may cause the same to be registered in his or its own name or in the name of a nominee without any words indicating the fiduciary capacity in which such security is held; Provided, (1) the accounts and records of such person or corporation at all times clearly show that such security was held by such person or corporation in such fiduciary capacity; (2) said security is kept separate and apart from the property held by such person or corporation in his or its own right or in any other fiduciary capacity, or such security may be evidenced by book entry; (3) such fiduciary at all times has possession of such security and, if registered in the name of a nominee, before or promptly after such registration, secures from the nominee all such instruments as may be necessary to transfer the same without any further act of such nominee; and (4) the fiduciary shall be liable individually and in his or its own right for any loss resulting to the fiduciary estate because said security was so registered instead of being registered in his or its name as such fiduciary. SourceLaws 1947, c. 80, § 1, p. 253; Laws 1978, LB 763, § 2; R.S.1943, (1985), § 24-604. AnnotationsPassage of nominee statute in 1947 was such a change of circumstances as to require bond of testamentary trustee even though will provided that no bond be required. In re Estate of Grainger, 151 Neb. 555, 38 N.W.2d 435 (1949).