6-851. Definitions A. In this chapter, unless the context otherwise requires: 1. " Trust business" means the holding out by a person to the public at large by advertising, solicitation or other means that the person is available to act as a fiduciary in this state and accepting and undertaking to perform the duties as […]
6-852. Exemptions and allowed activities A. For the purposes of this article, a person does not engage in the trust business by: 1. Rendering services as an attorney-at-law in the performance of the person’s duties as such. 2. Acting as trustee under a deed of trust made only as security for the payment of money […]
6-853. Certificate required; exceptions A. A person shall not engage in the trust business without first obtaining a certificate from the deputy director except as provided by subsection B or C of this section, or by section 6-852, subsection C. B. A bank, if a member of the federal deposit insurance corporation and otherwise authorized […]
6-854. Application for certificate A. An application for a certificate shall be in writing, in such form as the deputy director shall prescribe, verified under oath and supported by such information, data and records as the deputy director may require. B. An application for a certificate shall include the applicant’s executed articles of incorporation and […]
6-854.01. Articles of incorporation; approval; changes A. Notwithstanding title 10, chapter 2, the articles of incorporation shall include: 1. The name of the proposed trust company. 2. A description of the general nature of the business to be transacted and a statement authorizing the company to engage in any activity or business allowed by law. […]
6-854.02. Board of directors; number; bylaws A. A trust company shall have at least three directors. The shareholders of the company shall elect all of the directors. B. Unless the articles of incorporation provide otherwise, the board of directors may adopt or amend the bylaws as long as the bylaws adopted or amended by the […]
6-855. Fees A. Each application to establish a trust company or branch or to renew the license of a trust company or branch shall be accompanied by the fee prescribed in section 6-126. B. The annual renewal fee is payable on or before January 1 of each year the certificate is outstanding. A penalty payment […]
6-856. Minimum capital; dividends; other requirements A. In order to obtain a certificate, a trust company shall have not less than $500, 000 of liquid capital. The trust company shall have additional capital in the following amounts: 1. For each $750, 000, 000 of nondiscretionary assets, an additional $250, 000 of capital. 2. For each […]
6-857. Issuance of certificate; hearing A. On the filing of an application for a certificate, the deputy director shall make or cause to be made an investigation and examination of the facts concerning the truth of the statements and the background of the management, controlling shareholder or shareholders, directors and executive officers and shall issue […]
6-859. Records; audits; preservation of records; protection; insurance; bond; contingency plan A. A bank, savings and loan association or trust company shall keep and use in its business any books, accounts and records which will enable the deputy director to determine whether the bank, savings and loan association or trust company is complying with this […]
6-860. Duty of trustee, escrow officer or agent to produce trust or escrow records for inspection; violation; classification A. Any trustee, escrow officer or agent shall produce for inspection any trust or escrow records concerning the assets, existence, condition, management and administration and the names of the parties, including any or all beneficiaries, of any […]
6-861. Reports A. The deputy director may require reports of financial condition and relevant information concerning the business operations of each trust company, shall fix and extend the time for the filing of such reports and shall assess a penalty of $50 for each day the trust company is delinquent. B. The president, chief executive […]
6-862. Trust funds All monies received by a trust company as fiduciary on trust business within this state shall be deposited in a bank or savings and loan association in this state in a specially designated account or accounts, shall not be commingled with any funds of the trust company and shall remain on deposit […]
6-863. Suspension or revocation of certificate A. The deputy director may suspend or revoke the certificate of a trust company pursuant to title 41, chapter 6, article 10 if the deputy director determines that: 1. The trust company has failed or refused to comply with any order issued pursuant to section 6-137. 2. The application […]
6-864. Continuing jurisdiction If the certificate of a trust company is surrendered, suspended or revoked, the company shall nevertheless continue to be subject to the provisions of this chapter for so long as it acts as a fiduciary with respect to any trust business previously undertaken.
6-865. Unsafe condition; receivership If the deficiency in capital has not been made good or the trust company is in an unsafe or unsound condition that is not remedied within the time prescribed under an order of the deputy director issued pursuant to section 6-137, the deputy director may apply to the superior court to […]
6-866. Limit of legal action This article does not limit any statutory or common law right of a person to bring an action in a court for any act involved in the transaction of the trust business or the right of the state to bring an action against any person for a violation of law […]
6-867. Trust company name A. It is unlawful for a person to make use of the words " trust" or " trust company" or any other words in a manner reasonably calculated to convey the impression that the person is engaged in the trust business unless the act is done by or on behalf of […]
6-868. Fidelity bond; requirements A. A trust company doing business under this chapter shall obtain and maintain a fidelity bond, naming the trust company as obligee, in the following amounts: Trust Assets Fidelity (market value) Bond Amounts less than $3, 000, 000 $500, 000 $3, 000, 000 to $4, 999, 999 $525, 000 $5, 000, […]
6-869. Meetings; reports; report of examination; response; penalties A. The board of directors of a trust company shall meet at least once every three months. The deputy director or any director may call a special meeting. A majority of the board constitutes a quorum. The board shall keep minutes of each meeting, including a record […]
