Handling securities -- custody of mortgages and repurchase agreements

17-6-221 . Handling securities -- custody of mortgages and repurchase agreements. (1) Securities may be placed in safekeeping with banks subject to national supervision or Montana state examination, and a safekeeping receipt may be accepted in lieu of the actual securities. (2) Custody and control of repurchase agreements and mortgages shall be accomplished by the receipt of a confirmation of purchase.