58-27-84. Evidence of investment required in absence of certificate. If an investment is not evidenced by a certificate, except as provided in § 58-27-82, adequate evidence of the insurer's investment shall be obtained and retained by the insurer, a custodian bank, or clearing corporation. Adequate evidence, for purposes of this section, means a written receipt or other verification issued by the depository or issuer or a custodian bank which shows that the investment is held for the insurer, or if applicable under § 58-27-111, limited partnership or joint venture documentation. Transfers of ownership of investments held as described in subdivision 58-27-80(3), §§ 58-27-82 and 58-27-83 may be evidenced by bookkeeping entry on the books of the issuer of the investment or its transfer or recording agent or the clearing corporation without physical delivery of certificates, if any, evidencing the insurer's investment.
Source: SL 1983, ch 377, § 7; SL 1997, ch 294, § 22.
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