(a) The treasurer of state is the legal custodian of securities under this chapter. The treasurer of state shall accept safekeeping receipts or other reporting for securities from:
- (1) a duly designated depository as prescribed in this article; or
- (2) a financial institution located either in or out of Indiana having physical custody of securities with a combined capital and surplus of at least ten million dollars ($10,000,000) according to the last statement of condition filed by the financial institution with its governmental supervisory body.
- (b) The state board of accounts may rely on safekeeping receipts or other reporting from any depository or financial institution.
As added by P.L.18-1996, SEC.23.