Title 36a — Title 36a: The Banking Law of Connecticut

Sec. 36a-350. Permitted investments. (a) Except as otherwise provided in this section and sections 36a-351 and 36a-352, a Connecticut bank may invest funds and assets held by it in a fiduciary capacity in those investments in which a trustee may invest trust funds under the provi…

Sec. 36a-351. (Formerly Sec. 36-9z). Investment of funds exceeding one thousand dollars in income-producing media; fee. Written policy. Fiduciary obligations satisfied. (a) Except as otherwise expressly provided in the instrument, judgment, decree or order creating a trust or oth…

Sec. 36a-352. (Formerly Sec. 36-81). Segregation of trust funds. Registration; nominees. (a) All investments held by or in the custody of a bank as a fiduciary shall, except as otherwise provided by law or unless the contrary is expressly permitted by the instrument or court orde…

Sec. 36a-353. (Formerly Sec. 36-9w). Investments in certain investment companies or investment trusts. In the absence of any express provisions to the contrary, whenever any general statute, special act, regulation, trust indenture, will or other instrument governing the investme…

Secs. 36a-354 to 36a-364. Reserved for future use. PART II COMMON TRUST FUNDS

Sec. 36a-365. (Formerly Sec. 36-83). Common trust funds: Definitions. As used in sections 36a-365 to 36a-372, inclusive, unless the context otherwise requires: (1) “Account” means the trust, estate or other fiduciary relationship which has been established with a fiduciary. (2) “…

Sec. 36a-366. Establishment by qualified fiduciary and investment of funds. (a) Any fiduciary qualified to act as such in this state may establish one or more common trust funds and may invest funds which it holds as fiduciary in those common trust funds, provided: (1) Such inves…

Sec. 36a-367. Management. The provisions of this section apply to the establishment and management of common trust funds other than collective managing agency accounts. (1) Any fiduciary maintaining one or more common trust funds shall have the executive management and control of…

Sec. 36a-368. Maintenance in accord with written plan. Regulations re establishment and maintenance of collective managing agency accounts. Each collective managing agency account to be maintained by a Connecticut bank shall be established and maintained in accordance with a writ…

Sec. 36a-369. Investment. (a) The funds and assets of a common trust fund may be invested and reinvested in those investments in which a fiduciary may invest funds or assets held in a fiduciary capacity under section 36a-350, provided, in determining whether the investment of fun…

Sec. 36a-370. Mortgages. If mortgages are held in a common trust fund, the fiduciary may, but is not required to, take any one or more of the following actions: (1) A fiduciary may transfer up to five per cent of the net income derived by a common trust fund from mortgages held b…

Sec. 36a-371. Taxation. No fiduciary, or the common trust funds held by it, shall be liable for any taxes imposed by this state or any of its subdivisions in connection with the ownership of personal property. No tax shall be assessed or levied upon any certificate or other evide…

Sec. 36a-372. Investment in common trust funds by national banking associations and foreign corporations acting as executor or testamentary trustee. Any national banking association or foreign corporation which has qualified and is acting as executor or testamentary trustee in th…

Secs. 36a-373 to 36a-379. Reserved for future use. PART III EXERCISE OF FIDUCIARY POWERS BY ENTITIESOTHER THAN BANKING INSTITUTIONS

Sec. 36a-380. (Formerly Sec. 36-314). License. (a) Except as provided in this section, no entity, other than a bank or out-of-state bank that maintains in this state a branch as defined in section 36a-410, shall have or exercise in this state the power to receive, by grant, assig…

Sec. 36a-381. (Formerly Sec. 36-315). Exemptions. The provisions of sections 36a-380 to 36a-386, inclusive, shall not apply to the administration of: (1) Any trust for cemetery purposes by an incorporated cemetery association; (2) any charitable, religious or educational trust by…

Sec. 36a-382. (Formerly Sec. 36-316). Examination; cost and fee. The commissioner shall annually or more often examine each entity licensed under sections 36a-380 to 36a-386, inclusive, and special acts 93-12, 93-19 and 93-20, any provision in the charter, certificate of incorpor…

Sec. 36a-383. (Formerly Sec. 36-317). Procedure in case of failure to comply with cease and desist order or insolvency. If it at any time appears to the commissioner that any entity so licensed has failed to comply with a cease and desist order issued by the commissioner or is in…

Sec. 36a-384. (Formerly Sec. 36-318). Segregation of securities. Deposits. The securities and investments of each trust committed to any such entity so licensed shall be set apart and segregated and shall not be mingled with the securities and investments of any other trust or of…

Sec. 36a-385. (Formerly Sec. 36-319). Name. No such entity so licensed shall use, either as a part of its name, or as a prefix or suffix thereto, or as a designation of the business carried on by it, the word “bank”, “banking”, “banker”, “bankers”, “trust” or “savings”, notwithst…

Sec. 36a-386. (Formerly Sec. 36-319a). Planned Lifetime Assistance Network of Connecticut, Inc. Self-sufficiency trusts. (a) Planned Lifetime Assistance Network of Connecticut, Inc. shall have the power to receive, by grant, assignment, transfer, devise, bequest or otherwise, any…

Secs. 36a-387 to 36a-394. Reserved for future use. PART IV TRUSTEES UNDER MORTGAGE

Sec. 36a-395. (Formerly Sec. 36-249). Application of provisions. The provisions of this section and sections 36a-396 to 36a-399, inclusive, shall apply to each person, firm or corporation, hereinafter referred to as “trustee”, acting or proposing to act as trustee under a mortgag…

Sec. 36a-396. (Formerly Sec. 36-250). Notice to commissioner. Examination. Fee. (a) Each such trustee, before acting as such trustee, shall notify the commissioner in writing that such trustee proposes to so act and shall be under the supervision of the commissioner to the extent…

Sec. 36a-397. (Formerly Sec. 36-251). Records. Deposit of funds. All moneys, funds or other assets held in trust by such trustees shall, at all times, be so held as to disclose that they are held in trust, and all books and records pertaining thereto shall contain sufficient info…

Sec. 36a-398. (Formerly Sec. 36-252). Powers. Each trustee shall have the following powers, whether expressly contained in the terms of the trust or not, unless expressly forbidden: (1) Such trustee may accept conveyance of the mortgaged property when it deems it advisable, inste…

Sec. 36a-399. (Formerly Sec. 36-253). Orders and injunctions. Death of trustee. (a) If the trustee does not comply with any such cease and desist order issued by the commissioner or if it appears to the commissioner that any such trustee is insolvent or likely to become insolvent…

Secs. 36a-400 to 36a-409. Reserved for future use.