Cal. Code Regs. tit. 10 § 104.503
Whenever local law requires corporations acting as fiduciary to deposit securities with state authorities for the protection of private or court trusts, associations in this state authorized to exercise trust powers shall, before undertaking to act in any fiduciary capacity, make a similar deposit with the state authorities. If the state authorities refuse to accept such a deposit, the securities shall be deposited with the Federal Home Loan Bank of which the association is a member, and such securities shall be held for the protection of private or court trusts with like effect as though the securities had been deposited with the state authorities.
Cal. Code Regs. Tit. 10, § 104.503
Note: Authority cited: Section 5500.5, Financial Code. Reference: Title 10, Calif. Adm. Code, Chapter 2, Subchapter 23 (Sec. 245 et seq.); and Sections 5003 and 5501.5, Financial Code.