§ 81-27-3.002. Definitions
Definitions contained in Sections 81-27-1.002 and 81-27-6.001 shall apply to Articles 3, 4 and 5 of this chapter unless the context otherwise requires.
§ 81-27-3.101. Designation of trustee
Any person residing in this state may designate any trust institution to act as a fiduciary on behalf of such person.
§ 81-27-3.102. Choice of law governing trusts
Any trust institution that maintains a trust office or representative trust office in this state and its affected clients may designate either (i) this state, (ii) a state where affected clients reside or (iii) the state where such trust institution has its principal office as the state whose laws shall govern any written agreement between […]
§ 81-27-3.103. Choice of law governing fiduciary investments
Any trust institution that maintains a trust office or representative trust office in this state and its affected clients may designate either (i) this state, (ii) a state where affected clients reside or (iii) the state where such trust institution has its principal office as the state whose laws shall govern with respect to the […]
§ 81-27-3.201. Delegation and fiduciary responsibility
Any person acting as a trustee or as any other fiduciary under the laws of this state may delegate any investment, management or administrative function if such person exercises reasonable care, judgment and caution in: Selecting the delegate, taking into account the delegate’s financial standing and reputation; Establishing the scope and other terms of any […]
§ 81-27-3.202. Affiliates
Any person acting as a trustee or in any other fiduciary capacity under Section 81-27-3.201 may hire and compensate, as a delegate, an affiliate of such person if: Authorized by a trust or fiduciary instrument; Authorized by court order; Authorized in writing by each affected client; or The standards of Section 81-27-3.201 are satisfied. Fees […]
§ 81-27-3.301. Fee determination
The compensation arrangement between a client and any person acting as a trustee or as any other fiduciary pursuant to this chapter shall be at arm’s length and any compensation pursuant to such arrangement shall be a reasonable amount with respect to the services rendered.
§ 81-27-3.302. Disclosure of potential conflicts of interest
Any company, proposing to act as a trustee or in any other fiduciary capacity pursuant to a written agreement to be entered into with a prospective client after July 1, 1998, which company has any potential or actual conflict of interest which may reasonably be expected to have an impact on the independence or judgment […]
§ 81-27-3.401. Purchase of assets of another trust institution
Subject to the provisions of this section, a trust institution may purchase assets of a state trust company or trust-related assets of another trust institution, including the right to control accounts established with the trust institution. Except as otherwise expressly provided by this section or another statute, the purchase of all or part of the […]
§ 81-27-3.001. Title and purposes
Articles 3, 4 and 5 of this chapter may be cited as the State Trust Institution Charter Modernization Act. The express purposes of Articles 3, 4 and 5 of this chapter are to: Provide for the chartering of trust companies and to permit trust companies to act as fiduciaries and otherwise engage in the trust […]