§ 11-110-107. Application for License
Application for a license shall be made in writing, under oath, to the banking board on such form as it may prescribe. The application shall: State the name of the applicant and the address of his or her principal office; Contain evidence that the applicant possesses qualifications and experience as required by the banking board […]
§ 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 […]
§ 11-110-107.5. Name-Based Criminal History Record Check
When the results of a fingerprint-based criminal history record check of an applicant performed pursuant to section 11-110-107 (1)(e) reveal a record of arrest without a disposition, the banking board shall require that applicant to submit to a name-based criminal history record check, as defined in section 22-2-119.3 (6)(d). The applicant shall pay the actual […]
§ 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 […]
§ 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 […]