Section 487.14401 – Trust Powers; Conditions, Limitations, and Restrictions.
487.14401 Trust powers; conditions, limitations, and restrictions. Sec. 4401. (1) Upon application, the commissioner may grant to any bank or state foreign bank branch trust powers as provided in this section, subject to the conditions, limitations, and restrictions in this act. (2) The commissioner shall not grant trust powers to a state agency. (3) If […]
Section 487.14402 – Definitions; Trust Service Agreement.
487.14402 Definitions; trust service agreement. Sec. 4402. (1) As used in this section: (a) “Host bank” means a bank, national bank, association, savings bank, or other legal entity for which trust services are provided by any other bank, out-of-state bank, national bank, association, or savings bank. (b) “Trust service provider” means a bank, national bank, […]
Section 487.14403 – Trust Powers; Segregation of Assets Held in Fiduciary Capacity; Separate Books and Records; Commingling and Consolidation.
487.14403 Trust powers; segregation of assets held in fiduciary capacity; separate books and records; commingling and consolidation. Sec. 4403. (1) A bank exercising a trust power as provided in this section and sections 4401, 4402, 4404, and 4405 shall segregate all assets held in a fiduciary capacity from the general assets of the bank, shall […]
Section 487.14404 – Application for Full Fiduciary Powers; Considerations; Limited Trust Power.
487.14404 Application for full fiduciary powers; considerations; limited trust power. Sec. 4404. (1) In acting upon applications for permission to exercise full fiduciary powers as provided in section 4401, the commissioner shall take into consideration the sufficiency of the capital and surplus of the applying bank and any other facts or circumstances the commissioner considers […]
Section 487.14405 – Investment of Trust Funds or Property; “Registered Investment Company” Defined; Bank Considered as Fiduciary.
487.14405 Investment of trust funds or property; “registered investment company” defined; bank considered as fiduciary. Sec. 4405. (1) A bank shall invest any money or property held by the bank as fiduciary and available for investment at the time and in the manner specified in the agreement, instrument, or order creating or defining the trust […]
Section 487.14406 – Repealed. 2005, Act 195, Imd. Eff. Nov. 7, 2005.
487.14406 Repealed. 2005, Act 195, Imd. Eff. Nov. 7, 2005. Compiler’s Notes: The repealed section pertained to filing suspicious activity report by bank with federal agency.