The financial institution shall have the exclusive management and control of each fund administered by it, and the sole right at any time to sell, convert, exchange, transfer, or otherwise change or dispose of the assets comprising within the fund, except as a prudent person might delegate responsibilities to others. The ownership of the fund’s assets shall be solely in the financial institution as fiduciary, and shall be considered as assets held by it as fiduciary. No assets of the fund shall be pledged as collateral.

SOURCE: Added by P.L. 32-038:1 (June 7, 2013).