Section 390:18-a Depositing Securities. - New Hampshire Statutes

Any trust company or similar corporation, incorporated under the laws of this state, and any national bank duly authorized to exercise trust powers in this state while acting as a fiduciary, or as an agent or custodian for any other fiduciary, or any fiduciary acting for himself, holding securities in the capacities aforementioned, is authorized to deposit or arrange for the deposit of such securities in a central or regional depository or clearing corporation, as defined in RSA 382-A:8-102, (3). Ownership of and other interests in such securities may be transferred by bookkeeping entry on the books of such clearing corporation without physical delivery of certificates representing such securities. The records of any bank or trust company, acting in the capacities described, or of any individual fiduciary, shall at all times show the name of the party for whose account the securities are so deposited. A bank or trust company so depositing securities pursuant to this section shall be subject to such rules and regulations as, in the case of state chartered institutions, the state bank commissioner and, in the case of national banking associations, the comptroller of the currency may from time to time issue. Any bank or trust company or any other fiduciary, which has deposited securities with a clearing house corporation, shall on demand by any court, fiduciary, co-fiduciary, beneficiary or other interested party to an accounting, or by the attorney for any such fiduciary, co-fiduciary, beneficiary or other interested party to an accounting, certify in writing the securities held by such association or corporation as such fiduciary, and shall thereby hold harmless any interested party to the account who has relied upon such certificate.

Source. 1973, 545:1, eff. Sept. 1, 1973.