53-301. Definitions. (a) Except as otherwise provided in this Article, or when the context clearly indicates that a different meaning is intended, the following definitions shall apply throughout this Article: (1) "Account" means the client relationship established with a trust institution involving the transfer of real or personal property to the trust institution or the […]
53-302. Title and purposes. (a) This Part may be cited as the Multistate Trust Institutions Act. (b) It is the express intent of this Part to permit trust institutions to engage in trust business on a multistate and international basis subject to the provisions of this Part. (2001-263, s. 1.)
53-303. Companies authorized to engage in trust business. (a) No company shall engage in trust business in this State except: (1) A State trust company; (2) A State bank; (3) A State savings association; (4) A national bank having its principal office in this State; (5) A federally chartered savings association having its principal office […]
53-304. Activities not requiring a charter, license, or approval. Notwithstanding any other provision of this Article, a company does not act as a fiduciary; engage in trust business or in any other business requiring a charter, license, or approval under the provisions of this Chapter; or engage in unauthorized trust activity by: (1) Acting in […]
53-305. Trust business of State trust institution. A State trust institution may conduct any activities outside this State that are permissible for a trust institution in the host state, subject to the laws of this State and, in the case of a State bank or a State trust company, subject to rules, orders, or declaratory […]
53-306. Trust business of out-of-state trust institution. An out-of-state trust institution that establishes or acquires and maintains one or more trust offices or representative trust offices in this State under the provisions of this Part or that maintains one or more branches in this State may, subject to the provisions of this Part, conduct any […]
53-307. Trust business of foreign trust institution. A foreign trust institution that establishes or acquires and maintains one or more trust offices in this State under the provisions of this Part may, subject to the provisions of this Part, also establish or acquire one or more representative trust offices and conduct any activity through the […]
53-308. Name of trust institution. Subject to other provisions of applicable law, a person may register or reserve any name with the Secretary of State in connection with engaging or proposing to engage in trust business or trust marketing in this State, except that the Commissioner may determine that a name registered or reserved is […]
53-309. Trust deposits of authorized trust institutions. (a) Subsection (b) of G.S. 36A-63 shall not apply to an authorized trust institution. (b) In the absence of a contrary provision in an instrument governing an account, an authorized trust institution may deposit client funds with itself to satisfy its duties under G.S. 36A-63(a) provided: (1) It […]
53-310. Offices of State trust companies. (a) A State trust company may engage in trust business or trust marketing through its principal office and through each trust office as permitted by this Part. (b) A State trust company may engage in trust marketing through a representative trust office as permitted by this Part. (c) A […]
53-311. State trust company principal office. (a) Each State trust company is required to maintain a principal office in this State and to register that principal office with the Commissioner by setting forth the current street address and telephone number of the principal office. (b) Each executive officer at a principal office is an agent […]
53-312. Trust offices; representative trust offices. (a) Before establishing or acquiring and maintaining a trust office or representative trust office in this State, a State trust company shall file a notice with the Commissioner, in the form required by the Commissioner, setting forth the name of the State trust company, the location of the proposed […]
53-313. Out-of-state trust offices and representative trust offices. (a) Before establishing or acquiring and maintaining a trust office or representative trust office in a host state, a State trust company shall file a notice with the Commissioner, in the form required by the Commissioner, that sets forth the name of the State trust company, the […]
53-314. Trust business through a branch or trust office. An out-of-state trust institution may engage in trust business in this State only if it (i) maintains a trust office in this State as permitted by this Subpart, (ii) was allowed to maintain a trust office in this State under laws, or rules or orders of […]
53-315. Establishing an interstate trust office. An out-of-state trust institution that obtains approval from the Commissioner in accordance with the provisions of this Subpart may establish and maintain a trust office in this State; provided that the Commissioner shall not grant that approval unless the home state of the out-of-state trust institution permits a State […]
53-316. Acquiring an interstate trust office. An out-of-state trust institution that obtains approval from the Commissioner in accordance with the provisions of this Subpart may acquire and maintain a trust office in this State; provided that the Commissioner shall not grant that approval unless the home state of the out-of-state trust institution permits a State […]
53-317. Requirement of notice. Before establishing or acquiring and maintaining a trust office in this State, an out-of-state trust institution shall provide, or cause its home state regulator to provide, notice to the Commissioner, in the form required by the Commissioner, along with copies of any applications, notices, or similar filings made with the home […]
53-318. Action on notice. (a) The out-of-state trust institution may commence business in this State through the trust office on the sixty-first day following the date the Commissioner receives the notice described in G.S. 53-317 unless the Commissioner, within 60 days of receiving the notice: (1) Specifies an earlier or later date for commencing business, […]
53-319. Additional trust offices; representative trust offices. (a) An out-of-state trust institution that maintains a trust office in this State may establish or acquire and maintain additional trust offices or one or more representative trust offices in this State to the same extent that a State trust institution may establish or acquire and maintain trust […]
53-320. Examinations; periodic reports; cooperative agreements; assessment of fees. (a) The Commissioner may examine any activity conducted through a trust office or representative trust office maintained in this State by an out-of-state trust institution to determine whether these activities are being conducted in compliance with the laws of this State and in accordance with safe […]
