Section 17.07. Segregation of assets; prohibited deposits.

Latest version.

Associations exercising any of the powers enumerated in this chapter shall segregate all assets held in any fiduciary capacity from the general assets of the association. No association may receive in its trust department deposits of current funds subject to check or the deposit of checks, drafts, bills of exchange, or other items for collection or exchange purposes.

History: Cr. Register, June, 1989, No. 402 , eff. 7-1-89.

Note

This section parallels 12 USC 1464 (n) (3) and (4) and is intended to prohibit operating a check clearing exchange through a trust account. Microsoft Windows NT 6.1.7601 Service Pack 1

                    
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