32-1-427. Fiduciaries -- deposit of securities with federal reserve bank. (1) Notwithstanding any other provision of law, any bank or trust company when acting as fiduciary as defined in 32-1-425 and any bank or trust company when holding securities as custodian for a fiduciary is authorized to deposit or arrange for the deposit with the federal reserve bank in its district of any securities the principal and interest of which the United States or any department, agency, or instrumentality of the United States has agreed to pay or has guaranteed payment, to be credited to one or more accounts on the books of the federal reserve bank in the name of the bank or trust company, to be designated fiduciary or safekeeping accounts, to which accounts other similar securities may be credited. A bank or trust company depositing securities with a federal reserve bank must be subject to these rules with respect to the making and maintenance of the deposit as, in the case of state-chartered institutions, the department and, in the case of national banking associations, the comptroller of the currency may from time to time adopt. The records of the bank or trust company must at all times show the ownership of the securities held in the account. Ownership of and other interests in the securities credited to the account may be transferred by entries on the books of the federal reserve bank without physical delivery of any securities. A bank or trust company acting as custodian for a fiduciary shall, on demand of the fiduciary, certify in writing to the fiduciary the securities deposited by the bank or trust company with the federal reserve bank for the account of the fiduciary. A fiduciary shall, on demand by any party to its accounting or on demand by the attorney for the party, certify in writing to the party the securities deposited by the fiduciary with the federal reserve bank for its account as the fiduciary.

(2) This section must apply to all fiduciaries and custodians for fiduciaries acting on July 1, 1977, or who may act afterward regardless of the date of the instrument or court order by which they are appointed.