For purposes of this part 5, a bank or trust company acting as custodian shall be deemed to be a fiduciary, and property held in custody by a bank or trust company shall be deemed to be fiduciary property.
Source: L. 77: Entire part R&RE, p. 827, � 1, effective July 1.
Editor's note: This section is similar to former � 15-1-507 as it existed prior to 1977.