North Dakota Code 6-05.2-07 – Custody of investments
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1. The investment of each account must be kept separate from the assets of the banking institution and must be placed in the joint custody or control of not less than two of the officers or employees of the banking institution designated for that purpose by the board of directors or by one or more officers designated by the board. The banking institution may permit the investments of a fiduciary account to be deposited elsewhere.
Terms Used In North Dakota Code 6-05.2-07
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Banking: means the business of receiving deposits, making loans, discounting commercial paper, issuing drafts, traveler's checks, and similar instruments, handling and making collections, cashing checks and drafts, and buying and selling exchange. See North Dakota Code 6-01-02
- Banking institution: means any bank, trust company, or bank and trust company organized under the laws of this state. See North Dakota Code 6-01-02
- board: when used in this title includes the state banking board and the state credit union board. See North Dakota Code 6-01-03
- Fiduciary: A trustee, executor, or administrator.
- Property: includes property, real and personal. See North Dakota Code 1-01-49
2. Except for commingled investments, the investments of each account must be kept separate from those of all other accounts or adequately identified as the property of the relevant account.