17-6-221. Handling securities -- custody of mortgages and repurchase agreements.
61 words·~1 min read·
/mt/title-17/chapter-6/part-2/17-6-221·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
17-6-221 . Handling securities -- custody of mortgages and repurchase agreements.
(1)Securities may be placed in safekeeping with banks subject to national supervision or Montana state examination, and a safekeeping receipt may be accepted in lieu of the actual securities.
(2)Custody and control of repurchase agreements and mortgages shall be accomplished by the receipt of a confirmation of purchase.