(a) A company shall not act as a fiduciary in this state except:(1) A state trust company;(2) A state bank;(3) An association organized under the laws of this state and authorized to act as a fiduciary under § 23-37-101 et seq.;(4) A national bank having its principal office in this state and authorized by the United States Comptroller of the Currency to act as a fiduciary under 12 U.S.C. § 92a, as it existed on January 1, 2025;(5) A federally chartered savings association having its principal office in this state and authorized by its federal chartering authority to act as a fiduciary;(6) A subsidiary trust company authorized to act as a fiduciary under § 23-47-801 et seq.;(7) An out-of-state bank with a branch in this state established or maintained under § 23-48-901 et seq., or a trust office licensed by the Bank Commissioner under this chapter;(8) An out-of-state trust company with a trust office or a trust representative office licensed by the commissioner under this chapter; or(9) A foundation.
(1) A state trust company;
(2) A state bank;
(3) An association organized under the laws of this state and authorized to act as a fiduciary under § 23-37-101 et seq.;
(4) A national bank having its principal office in this state and authorized by the United States Comptroller of the Currency to act as a fiduciary under 12 U.S.C. § 92a, as it existed on January 1, 2025;
(5) A federally chartered savings association having its principal office in this state and authorized by its federal chartering authority to act as a fiduciary;
(6) A subsidiary trust company authorized to act as a fiduciary under § 23-47-801 et seq.;
(7) An out-of-state bank with a branch in this state established or maintained under § 23-48-901 et seq., or a trust office licensed by the Bank Commissioner under this chapter;
(8) An out-of-state trust company with a trust office or a trust representative office licensed by the commissioner under this chapter; or
(9) A foundation.
(b) A company shall not engage in an unauthorized trust activity.