§ 81-27-6.308. Allocation of profits and losses
The profits and losses of a limited liability trust company may be allocated among the participants and among classes of participants as provided by the participation agreement. Without the prior written approval of the commissioner, the profits and losses must be allocated based on the relative interests of the participants as reflected in the articles […]
§ 81-27-6.206. Certain criminal offenses
An officer, director, manager, managing participant, employee, shareholder, or participant of a state trust company commits an offense if the person knowingly: Conceals information or a fact, or removes, destroys, or conceals a book or record of the state trust company for the purpose of concealing information or a fact from the commissioner or an […]
§ 81-27-6.207. Transactions with management and affiliates
Without the prior approval of a disinterested majority of the board recorded in the minutes, or if a disinterested majority cannot be obtained the prior written approval of the commissioner, a state trust company may not directly or indirectly: Sell or lease an asset of the state trust company to an officer, director, manager, managing […]
§ 81-27-6.208. Fiduciary responsibility
The board of a state trust company is responsible for the proper exercise of fiduciary powers by the state trust company and each matter pertinent to the exercise of fiduciary powers, including: The determination of policies; The investment and disposition of property held in a fiduciary capacity; and The direction and review of the actions […]
§ 81-27-6.209. Record keeping
A state trust company shall keep its fiduciary records separate and distinct from other records of the state trust company. The fiduciary records must contain all material information relative to each account as appropriate under the circumstances.
§ 81-27-6.210. Bonding requirements
The board of a state trust company shall require protection and indemnity for clients in reasonable amounts established by rules or regulations adopted under this article, against dishonesty, fraud, defalcation, forgery, theft, and other similar insurable losses, with corporate insurance or surety companies: Authorized to do business in this state; or Acceptable to the commissioner […]
§ 81-27-6.211. Reports of apparent crime
A trust company that is the victim of a robbery, has a shortage of corporate or fiduciary funds in excess of Five Thousand Dollars ($5,000.00), or is the victim of an apparent or suspected misapplication of its corporate or fiduciary funds or property in any amount by a director, manager, managing participant, officer, or employee […]
§ 81-27-6.301. Filing of notice of full liability
A limited liability trust company shall file with the commissioner a copy of any participation agreement by which a participant of the limited liability trust company agrees to become a full liability participant and the name and address of each full liability participant. Solely that portion of the filed copy containing the designation of each […]
§ 81-27-6.302. Liability of participants and managers
Except as provided by subsection (b) of this section, the participants, participant-transferees, and managers of a limited liability trust company may not be held liable for a debt, obligation, or liability of the limited liability trust company, including a debt, obligation, or liability under a judgment, decree, or order of court. A participant, other than […]
§ 81-27-6.303. Contracting debts and obligations
Except as provided by this section or the articles of association of the limited liability trust company, debts, liabilities, and other obligations may be contracted for or incurred on behalf of a limited liability trust company by: A majority of the managers, if management of the limited liability trust company has been vested in a […]