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Indiana Code Title 28. Financial Institutions § 28-14-3-18

Current as of January 02, 2024 | Updated by FindLaw Staff

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.

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Cite this article: FindLaw.com - Indiana Code Title 28. Financial Institutions § 28-14-3-18 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-28-financial-institutions/in-code-sect-28-14-3-18/

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