§ 3-514. Evidence of participation in fund

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   (a) Certificate of participation. --

   (1) A trust company that administers a common trust fund may issue a certificate of participation for each participating account.

   (2) A certificate of participation is not assignable and may not be issued in any form that purports to be negotiable or assignable.

(b) Statement of officer. -- In any report or accounting required from the trust company by law, a statement that is signed and verified by one of its officers as to the existence, extent, and value of a participation in a common trust fund that it administers may be accepted as evidence of those facts by any court, trust clerk, or supervisory authority.

HISTORY: An. Code 1957, art. 11, § 62; 1980, ch. 33, § 2.

                    
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