58-14-23. Qualified United States financial institution defined for eligibility to act as fiduciary of a trust.
A qualified United States financial institution means, for purposes of those provisions of this chapter specifying those institutions that are eligible to act as a fiduciary of a trust, an institution that:
(1)Is organized or, in the case of a United States branch or agency office of a foreign banking organization, licensed under the laws of the United States or any state thereof, and has been granted authority to operate with fiduciary powers; and
(2)Is regulated, supervised, and examined by United States federal or state authorities having regulatory authority over banks and trust companies.
Source: SL 1992, ch 344, §22; SL 1995, ch 278.