Identification and segregation of fiduciary assets; investment and deposit of cash.

1. Law
2. New Mexico Statutes
3. Financial Institutions and Regulations
4. Banking Generally
5. Identification and segregation of fiduciary assets; investment and deposit of cash.

A state bank holding any asset as a fiduciary shall:

A. segregate all such assets from any other assets of the bank and from the assets of other trusts, except as may be permitted by the Uniform Common Trust Fund Act [46-1-13 to 46-1-16 NMSA 1978] or by other provisions of law or by the writing creating the trust; and

B. record such assets in a separate set of books maintained for fiduciary activities.

History: 1953 Comp., § 48-22-19, enacted by Laws 1963, ch. 305, § 19.

ANNOTATIONS

Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 817.

9 C.J.S. Banks and Banking §§ 271, 287, 289.

Download our app to see the most-to-date content.