26-216. CUSTODIAL ACCOUNTS. Any bank, not having trust powers, may act as custodian, and may receive reasonable compensation for so acting, of any custodial account created or organized in the United States and forming part of a stock bonus, pension, or profit sharing plan which qualifies or qualified for specific tax treatment under section 401(d), section 403(b) or section 408(a) of the Internal Revenue Code of 1954 as defined in section 63-3004, Idaho Code, if the funds of such trust are invested only in savings accounts or deposits in such bank or in obligations or securities issued by such bank. All funds held in such custodial capacity by any such bank may be commingled for appropriate purposes of investment, but individual records shall be kept by the custodian for each participant and shall show in proper detail all transactions engaged in under the authority of this section.
History:
[26-216, added 1979, ch. 41, sec. 2, p. 76.]
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