Montana Attorney General Opinion 15-53

Opinion No. 53 State AmlitOI'-SecUlities, Deposit of. H]~LD: The State Auditor cannot he required to act as depoSitory for or hy any inllividual or corpomtion unless there is statutory authol;ty therefor, February 2, 193.'3. , You have asked my opinion regard- lllg the disposition you should make of secm;ties in your posses,,;on ostensi- bly belonging to the National Bond In- corpol'ate<l of Billings. "'e know of no statute thM requires this corporation to depo,,;t any of its securities with you, if it he, as you think, an investment company as de- fined in the Blue Sky Law. If, on the other hand, it be an insurance company of some kind the situation would be al- together different. It is elementaray, of course, that the State Auditor cannot be required to act as depository for or by any individual or corporation unless there is statutory authOlity therefor, If, then, the National Boncl Incor- Dorated is an investment company merely and the securities mentioned are its l)l'opert~' ahsolutely, they shou\(1 be returned -to it and its receipt taken for the same.