48A.12 DEFINITIONS. Subdivision 1. Terms. For purposes of sections 48A.12 to 48A.22, the following words and phrases have the meanings given them. Subd. 2. Account. “Account” means the client relationship established with a trust company involving the transfer of funds or property to the trust company, including a relationship in which the trust company acts […]
48A.13 STATE TRUST COMPANY PRINCIPAL OFFICE. Subdivision 1. Requirement. A state trust company must have and continuously maintain a principal office in this state. Subd. 2. Service of process. Each executive officer at the principal office is an agent of the state trust company for service of process. Subd. 3. Notice of change. A state […]
48A.14 STATE TRUST INSTITUTIONS; REPRESENTATIVE TRUST OFFICES. Subdivision 1. Authority. (a) A state trust institution may establish or acquire and maintain representative trust offices anywhere in this state. A state trust institution may establish or acquire and maintain the office by filing a written notice with the commissioner setting forth the name of the state […]
48A.15 STATE BANKS AND TRUST COMPANIES; TRUST SERVICE OFFICES. Subdivision 1. Authorization. (a) A trust company organized under the laws of this state or a state bank and trust may, after completing the notification procedure required by this subdivision, establish and maintain a trust service office at any office in this state or of any […]
48A.16 DETACHED FACILITIES. A state trust institution may establish or acquire and maintain detached facilities for the conduct of any or all of the activities permitted for a trust institution following the procedure and in compliance with sections 47.52 to 47.57. History: 1998 c 331 s 29
48A.17 AUTHORITY FOR OUT-OF-STATE TRUST OFFICES; PRIOR WRITTEN NOTICE. (a) A state trust institution may establish and maintain a new trust office or a representative trust office or acquire and maintain an office in a state other than this state. The state trust institution shall: (1) file a notice on a form prescribed by the […]
48A.18 OUT-OF-STATE TRUST INSTITUTION TRUST OFFICES. Subdivision 1. Requirement. An out-of-state trust institution may act as a fiduciary in this state or engage in a trust business at an office in this state only if it maintains a trust office in this state as permitted by this section. Subd. 2. Establishing an interstate trust office. […]
48A.19 OUT-OF-STATE TRUST INSTITUTION REPRESENTATIVE TRUST OFFICES. Subdivision 1. Authorization. (a) Subject to the requirements contained in this section, an out-of-state trust institution may establish and maintain representative trust offices anywhere in this state. (b) An out-of-state trust institution may establish or acquire and maintain a representative trust office in this state. An out-of-state trust […]
48A.20 SUPERVISION OF OUT-OF-STATE TRUST INSTITUTIONS. Subdivision 1. Examinations. To the extent consistent with subdivision 3, the commissioner may make examinations of an office established and maintained in this state under this chapter by an out-of-state trust institution as the commissioner considers necessary to determine whether the office is being operated in compliance with the […]
48A.21 NOTICE OF SUBSEQUENT MERGER, CLOSING. Each out-of-state trust institution that maintains an office in this state according to section 48A.18, or the home state regulator of the trust institution, shall give at least 30 days prior written notice or, in the case of an emergency transaction, shorter notice as is consistent with applicable state […]
48A.22 ENFORCEMENT. Subdivision 1. General authority of commissioner. (a) Consistent with hearing provisions of sections 46.23 to 46.33, if the commissioner finds that: (1) an office maintained by an out-of-state trust institution in this state is being operated in violation of the laws of this state or in an unsafe and unsound manner; or (2) […]
