A placement of securities by a depository with an agent of depository pursuant to this article shall have the effect of perfecting a security interest. in those securities in the local agencies having deposits in that depository notwithstanding provisions of the Uniform Commercial Code to the contrary and notwithstanding that the agent of depository may be the trust department of the depository.
(Added by Stats. 1969, Ch. 1483, Sec. 8.)