660.47 – Surrender of Fiduciary Powers.
660.47 Surrender of fiduciary powers.—Any state bank or association which has been granted trust powers and which desires to surrender such rights shall file with the office a certified copy of the resolution of its board of directors signifying such desire. Upon receipt of such resolution, the office shall make an investigation, and when it is […]
660.48 – Receivership or Voluntary Liquidation.
660.48 Receivership or voluntary liquidation.— (1) If a liquidator or receiver is appointed for a trust company or a state bank or association having a trust department, the liquidator or receiver shall, pursuant to the instructions of the office and the orders of any court and the federal regulatory agency having jurisdiction, proceed to close such fiduciary […]
660.40 – Self Dealing.
660.40 Self dealing.— (1) Except as provided in s. 660.37, funds held by a trust company or a trust department shall not be invested in the obligations or securities of the trust company or of the bank or association of which the trust department is a part unless authorized by the governing instrument or by court order; […]
660.25 – Definitions.
660.25 Definitions.—Subject to other definitions contained in other sections of this code, and unless the context otherwise requires, in this chapter: (1) “Commercial department” of a bank or association having trust powers means the functional divisions or departments of the bank or association which conduct its general bank or association business, including, but not limited to, the […]
660.26 – Trust Department Licensing.
660.26 Trust department licensing.— (1) When authorized by the office as provided in this section, a state bank or association may establish a trust department for the purpose of conducting trust business. (2) A written application for trust powers shall be filed with the office in such form as the commission prescribes and containing such information as the […]
660.265 – Examination Fees.
660.265 Examination fees.—Each state trust company and each state bank or association exercising trust powers shall pay to the office, within 30 days after an examination pursuant to s. 655.045, a fee for the costs of the examination by the office pursuant to s. 655.045. For the purposes of this section, the term “costs” means the […]
660.27 – Deposit of Securities With Chief Financial Officer.
660.27 Deposit of securities with Chief Financial Officer.— (1) Before transacting any trust business in this state, every trust company and every state or national bank or state or federal association having trust powers shall give satisfactory security by the deposit or pledge of security of the kind or type provided in this section having at all […]
660.28 – Exemption From Bond and Other Security as Fiduciary.
660.28 Exemption from bond and other security as fiduciary.—A trust company or trust department maintaining security with the Chief Financial Officer as required by s. 660.27 shall not be required by the state or any of its political subdivisions or by a court of this state to furnish any bond or other security as a condition […]
660.29 – Use of Personnel and Facilities.
660.29 Use of personnel and facilities.—To the extent not prohibited by law, the trust department of a bank or association, for or in connection with any of its fiduciary functions or trust business or related activities, may utilize personnel, facilities, and services of the commercial department of that bank or the nontrust departments of that association […]
660.30 – Segregation of Books, Records, and Assets; Fiduciary Assets Not Liable.
660.30 Segregation of books, records, and assets; fiduciary assets not liable.— (1) Each trust company and trust department shall maintain its fiduciary books and records separate and distinct from other records of the trust company or of the bank or association of which the trust department is a part and shall segregate all assets held in any […]