7-5-110. Registration of investment in name of nominee -- Records -- Possession of investment.
(1) As used in this section, "security" means the same as that term is defined in Section. 75-1-201
(2) A trust company may require that a person register and hold a security that the trust company holds in the trust company's agency or fiduciary capacity in the name of a nominee or nominees of the trust company.
(3) The trust company is liable for the acts of a nominee described in Subsectionwith respect to any investment registered in accordance with Subsection. (2) (2)
(4) An investment other than a security held in the name of a nominee on June 30, 1981, may continue to be held in that manner.
(5) For an investment described in Subsection, the trust company shall: (4) at all times maintain records that show the trust company's ownership of an investment; maintain possession or control over the investment; and keep the investment separate and apart from the assets of the trust company.