Receipt of property upon deposit for safekeeping or in escrow

Sec. 18. (a) A corporate fiduciary has the power to: (1) receive, upon terms and conditions prescribed by the corporate fiduciary not inconsistent with the provisions of this section, upon deposit for safekeeping, or in escrow: (A) money; (B) bonds; (C) mortgages; (D) jewelry; (E) plate; (F) stock; (G) securities and valuable papers of any kind; and (H) other personal property; and (2) rent or lease receptacles for the safe deposit of personal property. (b) Neither a corporate fiduciary nor any of the assets of the corporate fiduciary are liable for: (1) the value of property received by the corporate fiduciary under this section; or (2) damages for the loss, theft, or misappropriation of the property. (c) A corporate fiduciary may procure and carry a policy or policies of insurance for the benefit of the owners of property received by the corporate fiduciary under this section. As added by P.L.262-1995, SEC.90.