§ 19-3.1-1. Scope. The provisions of this chapter shall apply to any financial institution: (1) Authorized by its agreement to form to exercise trust powers; (2) Permitted to exercise such powers by laws of this state applicable to that financial institution on or before December 31, 1994; and (3) To any bank or trust company […]
§ 19-3.1-10. Severability. If any provision of this chapter or the application of this chapter to any person or circumstances is held invalid or unconstitutional, the invalidity or unconstitutionality shall not affect other provisions or applications of this chapter that can be given effect without the invalid or unconstitutional provision or application, and to this […]
§ 19-3.1-2. Power to hold and invest assets. (a) Every financial institution subject to this chapter shall have the power: (1) To receive and hold money in trust, or upon any terms and conditions agreed upon, and to allow the interest upon it; (2) To receive and hold money, bonds, notes, mortgages, certificates of stock, […]
§ 19-3.1-2.1. Permitted investments. In the absence of any express provisions to the contrary, whenever any general statute, special act, regulation, trust indenture, will, or other instrument governing the investment powers of trustees directs, requires, authorizes, or permits investment in United States government obligations, a trustee may invest in and hold these obligations, either directly […]
§ 19-3.1-3. Financial institution acting as fiduciary. A financial institution subject to this chapter shall also have power to accept and execute all of these trusts, and to hold in trust all property, of every description, as may be committed to it by any person or persons, or by any corporation, or by any court […]
§ 19-3.1-4. Fiduciary bond given by financial institution. In all cases in which a financial institution shall receive and accept appointment as executor, administrator, custodian, conservator, or guardian of any estate, the financial institution shall give bond in the same manner as provided by law in the case of individuals so appointed. The financial institution […]
§ 19-3.1-5. Financial institutions administering burial grounds. Every financial institution subject to this chapter shall have the power to accept and hold property given by will or otherwise transferred to it in trust for the care and preservation of burial grounds that have been in existence for at least fifty (50) years before the creation […]
§ 19-3.1-6. Foreign banks and trust companies — Agent to receive process. (a) No person shall exercise any of the powers conferred exclusively upon financial institutions, except that a trust company duly organized under the laws of, and carrying on business in, another state, or a national banking association located in another state, may act […]
§ 19-3.1-7. Assets equal to capital stock as pledged — Preference over other creditors. A portion of the assets of every financial institution subject to this chapter, equal in value to the par value of its capital stock, shall stand pledged, and shall be taken and considered as the security required by law, for the […]
§ 19-3.1-8. Deposits by financial institutions with general treasurer. (a) Every financial institution subject to this chapter shall deposit with the general treasurer an amount that is at all times equal in value to twenty percent (20%) of the entire capital stock of the financial institution, in: (1) Bonds, of at least a double A […]
§ 19-3.1-9. Certificates of deposit — Interest and income — Substitution of securities. Upon the receipt by the general treasurer of the securities from the financial institution, the general treasurer shall give to the financial institution a certificate stating the securities and amount of each. The general treasurer shall at all times pay over to […]
