9-4-505 - Trustee custodians. - Tennessee Statutes

9-4-505. Trustee custodians.

(a)  Upon being designated as a qualified public depository, the qualified public depository shall select one (1) or more trustee custodians for the deposit of eligible collateral by the qualified public depository.

(b)  Designation of trustee custodians shall be made in accordance with the provisions of § 9-4-108.

(c)  The provisions contained in §§ 9-4-408 and 9-4-409 shall apply to trustee custodians designated under this part.

(d)  Trustee custodians shall submit a report quarterly to the state treasurer providing a description of eligible collateral securities deposited by the qualified public depository and the current par value of eligible collateral, as well as other reasonable reports requested by the state treasurer.

(e)  Neither the state, the state treasurer, nor the collateral pool shall be liable to either the qualified public depository or the public depositors for eligible collateral deposited with or held by any trustee custodian for any loss arising from any breach of the trust or from any other cause whatsoever.

[Acts 1990, ch. 1043, § 1.]