524.1006 Banks depositing securities in federally regulated corporation. 1. A bank, either acting as a fiduciary or holding securities as a managing agent or custodian, including a custodian for a fiduciary, may deposit securities in a federallyregulated clearing corporation as provided in section 633.89, and in addition may depositsecurities, the principal and interest of which the United States or any United Statesdepartment, agency, or instrumentality either has agreed to pay or has guaranteed, in afederal reserve bank. 2. The records of a depositing bank at all times must identify the persons on whose behalf securities have been deposited in a federal reserve bank. An interest in deposited securitiesmay be transferred by entry on the books of the federal reserve bank without physical deliveryof the securities. A depositing bank is subject to rules adopted by the superintendent ofbanking, with respect to state banks, and by the comptroller of the currency, with respect tonational banking associations. On demand by the owner, a bank acting as a managing agentor as a custodian shall identify in writing the securities deposited in a federal reserve bankfor the account of the nal banking associations. On demand by the owner, a bank acting as a managing agentor as a custodian shall identify in writing the securities deposited in a federal reserve bankfor the account of the owner. On demand by any party to the accounting of a bank acting as afiduciary, the bank shall identify in writing the securities deposited in a federal reserve bankfor its account as fiduciary. 3. This section applies regardless of the date of the agreement, instrument, or court order under which the bank was appointed. [C75, 77, 79, 81, §524.1006]2018 Acts, ch 1041, §127 Sat Dec 23 01:19:05 2023 Iowa Code 2024, Section 524.1006 (24, 0)
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