§ 81-27-4.104. Investigation for state trust company charter
The commissioner shall investigate the proof that one or more viable markets exist within or outside of this state that may be served in a profitable manner by the establishment of the proposed state trust company. In making such a determination, the commissioner shall (i) examine the business plan which shall be submitted as part […]
§ 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 […]
§ 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 […]