§ 11-109-906. Funds Awaiting Investment or Distribution
Funds held by a trust company in a fiduciary capacity that are awaiting investment or distribution shall not be held uninvested or undistributed any longer than is reasonable for the proper management of the account. Funds held in trust by a trust company awaiting investment or distribution may, unless prohibited by the instrument creating the […]
§ 11-109-907. Extensions of Credit
A trust company shall not make any loans or extensions of credit except as provided in subsection (2) of this section. A trust company may: Make a loan or extend credit to its officers, directors, and employees if such loan or credit is adequately secured and does not involve more than the normal risk of […]
§ 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 […]