§ 11-109-702. Involuntary Liquidation
Except as otherwise provided in this article, only the banking board may take possession of a trust company if, after a hearing before the banking board, it finds: The trust company’s capital is inadequate; the trust company’s business is being conducted in an unlawful or unsound manner; the trust company is unable to continue normal […]
§ 11-109-703. Emergency Grant of New Charter
In addition to powers regarding liquidation, the banking board may, in the interest of protecting the public and the depositors of a closed trust company with its principal office in this state, issue a new trust company charter to qualified individuals for the same location as the closed trust company, contingent upon the new trust […]
§ 11-109-704. Liquidation by Commissioner – Procedure
In liquidating a trust company, the commissioner may exercise any power of the trust company and shall have the duty to collect all assets, debts, and claims belonging to the trust company. Unless the commissioner obtains the approval of the court in which notice of possession has been filed by petition setting forth the material […]
§ 11-109-801. Appeals Procedure
Any trust company aggrieved and directly affected by an order or rule of the banking board, issued under this article, may seek a review in the district court of this state in and for the county in which the trust company is located, within thirty days after receipt of written notice of the issuance of […]
§ 11-109-802. Injunctions – Appeals
Whenever the banking board has taken possession of a trust company and the trust company deems itself aggrieved thereby, such trust company, within ten days after such taking, may apply to the court in which notice of possession has been filed to enjoin further proceedings. After citing the banking board to show cause why further […]
§ 11-109-901. Reserves Against Deposits
Trust companies that are subject to reserve provisions of the “Federal Reserve Act” shall maintain such reserves against deposits as may be required by the “Federal Reserve Act”, but, in addition thereto, the banking board may by rule impose reserve requirements that it deems prudent and sound on trust companies, including trust companies not subject […]
§ 11-109-902. Investments
In addition to other investments expressly authorized by this article or the rules promulgated by the banking board, a trust company may purchase: Obligations that satisfy the requirements of this article or the rules promulgated by the banking board for loans for state banks; Obligations of, or fully guaranteed by, the United States, a state […]
§ 11-109-903. Substitution of Trust Companies
Trust companies created under this article may participate in the transfer of trust assets in the case of a substitution of one fiduciary for another under the provisions of sections 11-101-401, 11-106-105, and 11-106-106. Source: L. 2003: Entire article added with relocations, p. 1205, § 3, effective July 1. Editor’s note: This section is similar […]
§ 11-109-904. Laws Governing Individuals Apply
A trust company in the exercise of its fiduciary powers shall be subject to the same duties, liabilities, and penalties as an individual fiduciary acting in like capacity. Source: L. 2003: Entire article added with relocations, p. 1205, § 3, effective July 1. Editor’s note: This section is similar to former § 11-23-111 as it […]
§ 11-109-905. Separation of Fiduciary Funds
A trust company shall keep fiduciary funds and investments separate and apart from its own assets. All investments made as a fiduciary shall be so designated so that fiduciary funds may be clearly identified. Source: L. 2003: Entire article added with relocations, p. 1205, § 3, effective July 1. Editor’s note: This section is similar […]