Companies authorized to act as a fiduciary

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No company shall act as a fiduciary in this state except:

  1. A state trust company;
  2. A state bank;
  3. A savings association organized under the laws of this state and authorized to act as a fiduciary pursuant to Section 81-12-1 et seq. or Section 81-14-1 et seq.;
  4. A national bank having its principal office in this state and authorized by the Comptroller of the Currency to act as a fiduciary pursuant to 12 USCS 92a;
  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. An out-of-state bank with a branch in this state established or maintained pursuant to Section 81-23-1 et seq. or a trust office licensed by the commissioner pursuant to this chapter;
  7. An out-of-state trust company with a trust office licensed by the commissioner pursuant to this chapter; or
  8. A foreign bank with a trust office licensed by the commissioner pursuant to this chapter.

No company shall engage in an unauthorized trust activity.


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