Section 51A-5-20 - Nominees used by bank acting as fiduciary or cofiduciary.
51A-5-20. Nominees used by bank acting as fiduciary or cofiduciary. Any bank, when acting as a fiduciary or a cofiduciary with others, or as an agent for other fiduciaries, may, with the consent of its cofiduciary or cofiduciaries, if any, who are hereby authorized to give such consent, or the fiduciaries for whom it is acting, cause any investment held in any such capacity to be registered and held in the name of a nominee or nominees of such bank. Such bank shall be liable for the acts of any such nominee with respect to any investment so registered. The records of such bank shall at all times show the trust for which any such investment is held and the securities shall be in the possession and control of such bank and be kept separate and apart from the assets of such bank.
Source: SL 1969, ch 11, § 5.9; SDCL, § 51-19-10.