Sec. 12. (a) The treasurer of state or the treasurer of state's agent may rent safety deposit boxes or vaults of one (1) or more banks or trust companies located in the state and keep in them securities in the treasurer of state's or agent's custody, or give the securities to a bank, trust company, or other depository to hold as custodian under IC 5-13.
(b) A bank, trust company, or other depository which accepts securities as custodian shall:
(1) clip coupons;
(2) surrender matured issues for collection; and
(3) receive the proceeds of all collections and remit them to the treasurer of state.
As added by Acts 1979, P.L.22, SEC.1. Amended by P.L.19-1987, SEC.2; P.L.215-2016, SEC.62.
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