All moneys, funds or other assets held in trust by such trustees shall, at all times, be so held as to disclose that they are held in trust, and all books and records pertaining thereto shall contain sufficient information to identify and separate the moneys, funds and assets of each trust from those of other trusts and from other assets held by such trustee. Any such trust funds that are temporarily uninvested or undistributed shall be deposited in the name of the trust or in the name of such person, firm or corporation as trustee in a bank or in such other depository as may be approved by the commissioner.

Terms Used In Connecticut General Statutes 36a-397

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Bank: means a Connecticut bank or a federal bank. See Connecticut General Statutes 36a-2
  • Commissioner: means the Banking Commissioner and, with respect to any function of the commissioner, includes any person authorized or designated by the commissioner to carry out that function. See Connecticut General Statutes 36a-2
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Person: means an individual, company, including a company described in subparagraphs (A) and (B) of subdivision (11) of this section, or any other legal entity, including a federal, state or municipal government or agency or any political subdivision thereof. See Connecticut General Statutes 36a-2
  • Trustee: A person or institution holding and administering property in trust.
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