Section 51A-5-24 - Records of securities deposited in clearing corporation--Transfer by book entry--Certification to interested party of securities held. - South Dakota Statutes

51A-5-24. Records of securities deposited in clearing corporation--Transfer by book entry--Certification to interested party of securities held. The records of the fiduciary and the records of the bank or trust company acting as custodian, as managing agent or as custodian for a fiduciary shall at all times show the name of the party for whose account the securities are so deposited. Title to the securities may be transferred by bookkeeping entry on the books of the clearing corporation without physical delivery of certificates representing the securities. A bank or trust company so depositing securities pursuant to § 51A-5-23 is subject to the rules as, in the case of state chartered institutions, the commission and, in the case of national banking associations, the comptroller of the currency may from time to time issue. A bank or trust company acting as custodian for a fiduciary shall, on demand by the fiduciary, certify in writing to the fiduciary the securities so deposited by the bank or trust company in the clearing corporation for the account of the fiduciary. A fiduciary shall, on demand by any party to a judicial proceeding for the settlement of the fiduciary's account or on demand by the attorney for the party, certify in writing to the party the securities deposited by the fiduciary in the clearing corporation for its account as the fiduciary.

Source: SL 1978, ch 357, § 3; SL 1988, ch 377, § 116; SDCL, 51-19-10.4; SL 1995, ch 268, § 75; SL 1997, ch 272, § 13.