9-2326 Trust interest not void or invalid by any common law rule.
9-2326. Trust interest not void or invalid by any common law rule. Notwithstanding the provisions of K.S.A. 59-3401, and amendments thereto, no interest held in a fidfin trust shall be void or invalid by reason of any common law rule, including, but not limited to, the rule against perpetuities or rule limiting the duration of […]
9-2327 Tax classification as determined under the federal internal revenue code.
9-2327. Tax classification as determined under the federal internal revenue code. Notwithstanding the provisions of K.S.A. 17-2035, and amendments thereto, for purposes of any tax imposed by the state or any instrumentality, agency or political subdivision of this state, a business trust that is used in connection with fidfin transactions or custodial services, as defined […]
9-2312 Authorized functions; parties engaged by an institution; services to residents of other states.
9-2312. Authorized functions; parties engaged by an institution; services to residents of other states. (a) Subject to the requirements of K.S.A. 2021 Supp. 9-2309(d), and amendments thereto, a fiduciary financial institution may: (1) Employ attorneys, accountants, investment advisors, agents or other persons, even if they are affiliated or associated with the fiduciary financial institution, to […]
9-2313 Custodial services; requirements.
9-2313. Custodial services; requirements. (a) A fiduciary financial institution may serve as a custodian, which may include serving as a qualified custodian, as defined by the United States securities and exchange commission in 17 C.F.R. § 275.206(4)-2, of an asset custody account. In performing custodial services under this section, a fiduciary financial institution shall: (1) […]
9-2314 Trust advisor; rights, powers, immunities and liabilities.
9-2314. Trust advisor; rights, powers, immunities and liabilities. Any instrument providing for a trust advisor may also provide such trust advisor with some, none or all of the rights, powers, privileges, benefits, immunities or authorities available to a trustee under Kansas law or under such instrument. Unless the instrument provides otherwise, a trust advisor has […]
9-2315 Excluded fiduciary; actions not liable for; relieved of certain duties; deemed administrative actions.
9-2315. Excluded fiduciary; actions not liable for; relieved of certain duties; deemed administrative actions. (a) An excluded fiduciary is not liable, either individually or as a fiduciary, for any of the following: (1) Any loss that results from compliance with a direction of the trust advisor, including any loss from the trust advisor breaching fiduciary […]
9-2301 Citation of act; definitions.
9-2301. Citation of act; definitions. (a) The provisions of K.S.A. 2021 Supp. 9-2301 through 9-2327, and amendments thereto, shall be known and may be cited as the technology-enabled fiduciary financial institutions act. The technology-enabled fiduciary financial institutions act shall be a part of and supplemental to chapter 9 of the Kansas Statutes Annotated, and amendments […]
9-2302 Organization; application for certificate of authority; criteria for approval; applicable distribution.
9-2302. Organization; application for certificate of authority; criteria for approval; applicable distribution. (a) No fiduciary financial institution shall be organized under the laws of this state nor engage in fidfin transactions, custodial services or trust business in this state until the application for such fiduciary financial institution’s organization and the application for certificate of authority […]
9-2303 Fees and assessments; examination expenses; remittance of moneys.
9-2303. Fees and assessments; examination expenses; remittance of moneys. (a) Every fiduciary financial institution shall be assessed an initial fee of $500,000 to be remitted concurrently with the issuance of such fiduciary financial institution’s charter. The expense of every annual regular fiduciary financial institution examination, together with the expense of administering fiduciary financial institution laws, […]
9-2304 Provisions of state banking code applicable; exceptions; conflict of law.
9-2304. Provisions of state banking code applicable; exceptions; conflict of law. (a) To the extent a conflict does not exist between this act and chapter 9 of the Kansas Statutes Annotated, and amendments thereto, the provisions of chapter 9 of the Kansas Statutes Annotated, and amendments thereto, shall apply to a fiduciary financial institution in […]