Section 402. Powers to Act as Fiduciary and in Other Representative Capacities
(a) An institution may act, alone or with others, as:
(i) fiduciary,
(ii) investment advisor,
(iii) custodian of property,
(iv) agent or attorney-in-fact,
(v) registrar or transfer agent of securities,
(vi) fiscal agent of the United States, a state or a political subdivision thereof, a public body, a corporation or an individual,
(vii) treasurer of a political subdivision or public body or of a nonprofit corporation, and
(viii) insurer of titles to, mortgages on and other interests in real estate--if the institution qualifies under the provisions of section 406.
(b) An institution shall have, in respect of any capacity in which it may act pursuant to a power under subsection (a) of this section, all the rights and duties which an individual or a corporation has in such capacity under applicable law and under the terms upon which the institution is designated to act in such capacity.