Title 30B — Title 30B WASHINGTON TRUST INSTITUTIONS ACT
14 chapters · 156 sections in this title.
RCW 30B.04.002 Short title.
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This title may be known and cited as the Washington trust institutions act.[ 2014 c 37 s 301.]
RCW 30B.04.005 Definitions.
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Unless the context clearly requires otherwise, the definitions in this section apply throughout this title.The definitions in this section shall be liberally construed to accomplish the purposes of this title. Additional definitions, as applicable, are contained elsewhere in this…
RCW 30B.04.010 Name of trust institution—Use of trust in name.
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(1) A state trust company or out-of-state trust institution may register any name with the department in connection with establishing an office or otherwise engaged in trust business in Washington state pursuant to this title, except that the director may determine that a name pr…
RCW 30B.04.020 Rules—Administration and interpretation of title.
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(1) The director has the power to adopt rules, as he or she determines necessary and appropriate, to implement the purposes and provisions of this title in accordance with the administrative procedure act, chapter 34.05 RCW.(2) The director has the power, and broad administrative…
RCW 30B.04.030 Persons authorized to act as a fiduciary.
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Subject to the conditions, restrictions, limitations, and requirements of this title, the following persons are authorized trust institutions in Washington state:(1) A state trust company with a certificate of authority from the director to exercise the powers of a state trust co…
RCW 30B.04.040 Activities not requiring certificate of authority or approval under this title.
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A person is exempt from the requirement of a certificate of authority or approval under this title if the person is:(1) An individual, sole proprietor, or general partnership or joint venture composed of individuals;(2) Engaging in business in Washington state (a) as a national b…
RCW 30B.04.050 Persons subject to the requirement of a certificate of authority or approval under this title.
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(1) A person may not engage in unauthorized trust activity in this state. (2) As a condition of engaging in trust business in this state, an out-of-state trust institution is required to obtain approval from the director and is subject to all other requirements of chapter 30B.38 …
RCW 30B.04.060 Confidentiality of examination information.
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This title does not limit the privileges, immunities, and requirements of RCW 42.56.400(6), 30A.04.075, 32.04.220, and 33.04.110 in relation to trust companies, state banks, and state savings associations.[ 2014 c 37 s 308.]
RCW 30B.04.070 Limits on loans to insiders and affiliates—Exceptions.
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(1) A state trust company may not make loans or extensions of credit, nor extend leases, to any person except in relation to nonfiduciary corporate funds and only as set forth in this section.(2) Unless authorized by subsection (4) of this section, a state trust company may make …
RCW 30B.04.080 Transactions in state trust company shares.
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(1) A state trust company may acquire its own shares if:(a) The amount of its capital is sufficient to fully absorb the acquisition of the shares under regulatory accounting principles; or(b) The state trust company obtains the prior written approval of the director.(2) A state t…
RCW 30B.04.090 Investment of corporate funds—Securities.
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A state trust company may invest its nonfiduciary corporate funds in investments other than real estate, including securities, that are permissible for state banks under Title 30A RCW, and as may be made applicable for state trust companies by rule of the director.[ 2014 c 37 s 3…
RCW 30B.04.100 Investment in corporations—Subsidiaries.
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Except as otherwise provided by this chapter or rules adopted under this chapter, a state trust company may invest in corporations, limited liability companies, and other entities, and may acquire or establish a *subsidiary to conduct any activity that may lawfully be conducted t…
RCW 30B.04.110 Pledge of assets.
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A state trust company may not pledge or create a lien on any of its assets except to secure the repayment of money borrowed or as specifically authorized by RCW 30B.20.010, or by rule, or by a finding of the director that such conduct does not violate any other applicable law and…
RCW 30B.04.120 Investment in state trust company facilities.
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A state trust company may purchase, hold, and convey real estate, including facilities, for the purposes permissible for state banks under RCW 30A.04.210.[ 2014 c 37 s 314.]
RCW 30B.04.130 Separation of trust records—Recordkeeping.
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(1) A state trust company shall keep its fiduciary records separate and distinct from other records of the state trust company.(2) The fiduciary records must contain all material information relative to each account as appropriate under the circumstances.(3) A state trust company…
RCW 30B.04.140 Legal services, advertising of—Penalty.
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RCW 30A.04.260 applies to this title.[ 2014 c 37 s 316.]
RCW 30B.04.160 Choice of law clauses.
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When there is a choice of law clause contained in a governing instrument in which a state trust company is a party, the choice of law of any state agreed to by the parties to such instrument shall control the interpretation and enforcement of the trust or custodial agreement comp…
RCW 30B.04.170 Choice of law when instrument silent.
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Except as set forth in RCW 30B.04.160, choice of law is governed by RCW 11.98.005.[ 2014 c 37 s 319.]
RCW 30B.04.180 Public notice by electronic means.
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(1) Notwithstanding any provisions of this title, wherever notice by publication is required by a trust institution, such notice may be undertaken by internet publication upon terms and conditions that the director may prescribe by rule.(2) Notice to shareholders required under t…