(760 ILCS 75/3) (from Ch. 17, par. 2053)
Sec. 3.
The fiduciary shall be liable for the acts of its nominee or the nominee
of the clearing corporation, Federal Reserve Bank or other fiduciary, as
the case may be, with respect to any
security so registered or deposited and shall be liable to the fiduciary
account or accounts for its acts and the acts of the clearing
corporation, Federal Reserve Bank or other fiduciary
with respect to the holding of securities in bulk. The records of said
fiduciary shall at all times show the ownership of the security by each of
the fiduciary accounts and the securities, unless on deposit as authorized
by this Act, shall be in the possession and
control of said fiduciary in its various fiduciary capacities, and be kept
separate and apart from assets which are the individual property of said
fiduciary.
(Source: P.A. 84-519.)
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