South Dakota Codified Laws 51A-5-21. Deposit in clearing corporation of securities held as fiduciary or custodian
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Any fiduciary holding securities in its fiduciary capacity, any bank holding securities as a custodian or managing agent, and any bank holding securities as custodian for a fiduciary is authorized to deposit or arrange for the deposit of the securities in a clearing corporation as defined in subdivision 57A-8-102(5).
Terms Used In South Dakota Codified Laws 51A-5-21
- 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.
- Fiduciary: A trustee, executor, or administrator.
Source: SL 1978, ch 357, § 1; SDCL § 51-19-10.1; SL 1995, ch 268, § 74; SL 1997, ch 272, § 12; SL 2015, ch 239, § 5; SL 2021, ch 203, § 5.