1. (a) A bank or trust company in the administration of a trust may place title to trust securities in the name of a nominee.
2. (b) If there is a cotrustee, consent must be obtained.
3. (c) But a bank or trust company in such a situation will be absolutely responsible for any loss occasioned by the act of the nominee.

Codification Notes: This section was promulgated as Section 47-701.3 of the State Bank Department Rules prior to codification into the Code of Arkansas Rules. This section as promulgated prior to codification into the Code of Arkansas Rules provided as follows: "(Reference A.C.A. § 23-47-701)"