Title 6 — Banks and Financial Institutions

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 pe…

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 or for …

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 ot…

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 applican…

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 al…

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 th…

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 …

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 …

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 a…

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 article and the ru…

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 trust or escrow of which the person…

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 de…

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 …

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 applica…

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.

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 cour…

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 based on such act.

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 a person having authority un…

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,…

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 of attendance a…

A. The board of directors may appoint a trust committee. The trust committee shall be comprised solely of directors, officers, employees or any combination thereof. The committee may be authorized to act for the company in matters dealing with the initial and annual reviews of ac…

A. Instead of an examination prescribed by section 6-122, the deputy director may accept the examination report of a federal or state agency that has regulatory or supervisory authority over the trust company. The deputy director's acceptance of the examination report does not co…

A. A trust company shall not allow a person, other than a director, officer, agent or employee of the trust company or the legal or beneficial owner of the trust funds or the authorized representative of the owner, to access, examine or inspect the fiduciary records of the trust …

A. Any bank, savings and loan association or trust company qualified to act as a fiduciary in this state may establish and administer common trust funds composed of property permitted by law for the investment of trust funds for the purpose of furnishing investments to any one or…

A. Unless ordered by a court of competent jurisdiction, a bank, savings and loan association or trust company operating a common trust fund pursuant to section 6-871 is not required to render a court accounting with regard to such funds. It may, by application to the superior cou…

This article shall be so construed as to make uniform the law of those states which enact it.

This article may be cited as the uniform common trust fund act.

In this article, unless the context otherwise requires: 1. "Savings account" means monies received or held by the trust company in the usual course of business and for which the trust company is obligated to give conditional or unconditional credit. 2. "Time deposit" means a depo…

A. If authorized by the articles of incorporation and bylaws and if approved by the deputy director, a trust company may receive monies for the purpose of maintaining savings accounts and time deposits. The trust company may pay interest on the savings accounts and time deposits …