(a) “Trustee custodian” means any bank or federal reserve bank or branch thereof or the federal home loan bank which the state treasurer has designated as trustee custodian to hold eligible collateral on behalf of the state treasurer. Such designation by the state treasurer of a bank other than a federal reserve bank or the federal home loan bank shall be submitted to the commissioners of financial institutions and finance and administration for their concurrence.
(b) Financial institutions located outside the state of Tennessee shall be eligible to apply to be designated as trustee custodians pursuant to subsection (a); provided, that the financial institution:
(1) Is approved to serve as a trustee custodian to hold collateral pledged to secure United States treasury tax and loan accounts;
(2) Agrees that the laws of this state shall govern in determining its rights and responsibilities as a trustee custodian; and
(3) Agrees to be subject to the jurisdiction of the courts of this state, or of the courts of the United States which are located within this state, for the purpose of any litigation arising out of this chapter.
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