12 C.F.R. § 9.13

Custody of fiduciary assets

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(a) Control of fiduciary assets. A national bank shall place assets of fiduciary accounts in the joint custody or control of not fewer than two of the fiduciary officers or employees designated for that purpose by the board of directors. A national bank may maintain the investments of a fiduciary account off-premises, if consistent with applicable law and if the bank maintains adequate safeguards and controls. A bank that is deemed a fiduciary based solely on its capacity as investment advisor, as that capacity is defined in § 9.101(a), and has no other fiduciary capacity as enumerated in § 9.2(e) is not required to serve as custodian when offering those fiduciary services.

(b) Separation of fiduciary assets. A national bank shall keep the assets of fiduciary accounts separate from the assets of the bank. A national bank shall keep the assets of each fiduciary account separate from all other accounts or shall identify the investments as the property of a particular account, except as provided in § 9.18.

[61 FR 68554, Dec. 30, 1996, as amended at 82 FR 8105, Jan. 23, 2017]

Notes of Decisions

Cited in 3 cases, 1975–2011 · leading case: BNP Paribas Mortg. Corp. v. Bank of Am., N.A., 778 F. Supp. 2d 375 (S.D.N.Y. 2011).

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BNP Paribas Mortg. Corp. v. Bank of Am., N.A., 778 F. Supp. 2d 375 (S.D.N.Y. 2011). “See 12 C.F.R. § 9.13 (b) ("Separation of fiduciary assets.”

Maryland Nat'l Bank v. Cummins, 588 A.2d 1205 (Md. 1991). “At oral argument MNB contended that such a system would violate the requirement of 12 C.F.R. § 9.13 (b) that the investments of each trust account be “Adequately identified as the property of the relevant account.”

First Nat'l Bank v. Comm'r, 64 T.C. 1001 (Tax Ct. 1975). · cites it 4× “(a) Every national bank exercising * * * fiduciary powers shall keep its fiduciary records separate and distinct from other records of the bank.”

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