Nebraska Statutes 77-23,104. Assignment of securities; when
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In lieu of placing its unqualified endorsement on each security, a bank, capital stock financial institution, or qualifying mutual financial institution depositing, pledging, or granting a security interest in securities pursuant to subsection (1) of section 77-2398 that are not negotiable without its endorsement or assignment may furnish to the qualified trustee holding the securities an appropriate resolution and irrevocable power of attorney authorizing the trustee to assign the securities. The resolution and power of attorney shall conform to such terms and conditions as the trustee prescribes.
Terms Used In Nebraska Statutes 77-23,104
- Attorney: shall mean attorney at law. See Nebraska Statutes 49-801
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
- Trustee: A person or institution holding and administering property in trust.