Section R20-4-813. Custody of Investments

A.      A trust department or trust company shall keep each account’s investments separate from its own assets. It shall place each account’s assets in the joint control of at least two officers or employees of the trust department or trust company designated in writing for that purpose by:

1.        The trust department’s or trust company’s board of direc- tors, or

2.        One or more officers authorized by the trust department’s or trust company’s board of directors to make the desig- nation.

B.       A trust department or trust company shall either:

1.        Keep each account’s investments separate from all other accounts’ investments, except as provided in R20-4-815; or

2.        Adequately identify each account’s property in the trust department’s or trust company’s records.

Historical Note

Adopted effective June 30, 1977 (Supp. 77-3). R20-4-813 recodified from R4-4-813 (Supp. 95-1). Amended by final rulemaking at 6 A.A.R. 2471, effective June 8, 2000 (Supp. 00-2). Amended by final rulemaking at 8 A.A.R.

2718, effective June 6, 2002 (Supp. 02-2).