The state funding board is expressly authorized to contract with a bank or trust company located within or without this state to act as a custodian for securities held by or for the benefit of the board, including collateral pledged pursuant to § 9-9-108(1), under terms as the board may require to ensure the safety of the securities.
Custodian for securities
Tenn. Code Ann. § 9-9-109, under General Provisions.
Tenn. Code Ann. § 9-9-109