660.30 Segregation of books, records, and assets; fiduciary assets not liable.
116 words·~1 min read·
/fl/title-xxxviii/chapter-660/660-30·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)Each trust company and trust department shall maintain its fiduciary books and records separate and distinct from other records of the trust company or of the bank or association of which the trust department is a part and shall segregate all assets held in any fiduciary capacity from the general or other assets of the trust company or of the bank or association of which the trust department is a part.
(2)No assets received or held in a fiduciary capacity by any trust company or trust department shall be liable for the debts or the obligations of the trust company or of the bank or association of which the trust department is a part.