California Insurance Code 1596.5 – Trusteed assets may be held by a trustee in the name of a nominee of …
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Trusteed assets may be held by a trustee in the name of a nominee of the trustee, when permitted by and in accordance with the law authorizing the trustee to act as trustee. For the purposes of this article, the trustee is deemed to have legal title to trusteed assets so held.
(Added by Stats. 1947, Ch. 162.)
Terms Used In California Insurance Code 1596.5
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Trustee: A person or institution holding and administering property in trust.