51A-5 TRUST BUSINESS OF BANKS
TRUST BUSINESS OF BANKS
Use of "trust" in name restricted--Exercise of trust powers restricted--Misdemeanor.
Powers of banks engaging in trust business.
"Trust business" defined.
Bank as trustee or custodian for retirement benefit plans.
Fiduciary authority of bank authorized by charter to exercise trust powers.
Deposit required to do trust business--Amount and form of deposit--Disposition of
Deposit available for satisfaction of claims upon liquidation, abandonment of trust
powers, or resignation from fiduciary positions.
National banks' authority to engage in trust business--Examination of trust business--Acceptance of federal examination.
Foreign bank or trust company to comply with requirements to act as fiduciary in
state--Violation as misdemeanor.
Reciprocal privileges extended to foreign bank or trust company acting as fiduciary.
Filing with Office of the Secretary of State by foreign bank or trust company acting
as fiduciary--Designation as agent to receive process--Service of process.
Establishment of place of business not permitted or prohibited by filing requirements.
Investment powers of trust company.
Voting of bank shares by cotrustee.
Segregation of assets held by bank as fiduciary.
Deposit of federally guaranteed securities with federal reserve bank.
Records of depositor to show ownership of securities--Transfers by book entries.
Duty of custodian to certify deposited securities to fiduciary--Duty of fiduciary.
Application of provisions to fiduciaries and custodians whenever appointed.
Oath or bond not required of bank to qualify as fiduciary.
Nominees used by bank acting as fiduciary or cofiduciary.
Deposit in clearing corporation of securities held as fiduciary or custodian.
Ownership of stock in clearing corporation not required for deposit of securities by
fiduciary or custodian.
Holding in bulk of securities deposited in clearing corporation--Merger of
Records of securities deposited in clearing corporation--Transfer by book entry--Certification to interested party of securities held.
Approval or ratification of acceptance or relinquishment of fiduciary accounts by
board of directors or committee.
Supervision of investment of fiduciary funds by committee designated by board of
Reports of committees designated to supervise fiduciary accounts.
Trust service office defined.
Trust service office--Approvals for establishment.
Trust service office--Business allowed.
Trust service office--Agreement between institutions--Filing--Notice--Contents--Substitution as fiduciary.
Trust service office--Persons to whom notice required--Denial of substitution.