(a)
- (1) Every state bank exercising fiduciary powers shall keep its fiduciary records separate and distinct from other records of the bank.
- (2) All fiduciary records shall be so kept and retained for such time as to enable the bank to furnish such information or reports with respect thereto as may be required by the State Bank Department.
- (3) The fiduciary records shall contain full information relative to each account.
- (b) Every such state bank shall keep an adequate record of all pending litigation to which it is a party in connection with its exercise of fiduciary powers.
- (c) Solely for purposes of examination by the department, a state bank shall retain the records required by this section for a period of three (3) years from the later of termination of the fiduciary account relationship to which the records relate or of litigation relating to such account, unless applicable law specifically prescribes a different period.