TITLE 19

Financial institutions

CHAPTER 19-3.1

Trust Powers

SECTION 19-3.1-6



   § 19-3.1-6  Foreign banks and trust

companies – Agent to receive process. –

(a) No person shall exercise any of the powers conferred exclusively upon

financial institutions, except that a trust company duly organized under the

laws of and carrying on business in another state, or a national banking

association located in another state, may act as trustee under any written

instrument in which it is named as trustee or may be appointed as trustee of

any trust by any court of competent jurisdiction of this state or may be

appointed by any probate court of this state as administrator, administrator de

bonis non, administrator with the will annexed, guardian of estates, or

conservator, or as executor of any will in which it is named as executor, if

financial institutions or national banking associations located in this state

are permitted to act as trustee, administrator, administrator de bonis non,

administrator with the will annexed, guardian of estates, conservator, or

executor under similar conditions in the state where the trust company is

located. The trust company or national banking association located in another

state, as the case may be, shall execute and file in the office of the director

or the director's designee a written instrument appointing the director or the

director's designee in his or her name of office its true and lawful attorney

upon whom all writs and other legal process may be served in any legal

proceeding relating to its conduct as trustee, administrator, administrator de

bonis non, administrator with the will annexed, guardian, conservator, or

executor or affecting any property held by it under the trusts or the will or

the appointment, with the same effect as if it were located in this state and

had been lawfully served with process.



   (b) Upon obtaining the consent of the director, or the

director's designee, a bank or trust company duly organized under the laws of,

and carrying on business in another state, may establish a trust branch or

branches within this state if the law of the other state authorizes the bank or

trust company to exercise trust powers; provided that, in the case of an

out-of-state bank or trust company, the law of the state in which it is

principally located authorizes under conditions not substantially more

restrictive than those imposed by the laws of this state, as determined by the

director or the director's designee, a financial institution to establish a

trust branch in that state. The director or the director's designee shall

approve an application for a trust branch if the applicant has satisfied the

standards and followed the procedures set forth in this title for the

establishment of branches for financial institutions in addition to the

requirements of this subsection. The bank or trust company located in another

state shall execute and file in the office of the director or the director's

designee a written instrument appointing the director or the director's

designee in his or her name of office its true and lawful attorney upon whom

all writs and other legal process may be served in any legal proceeding

relating to trust activities conducted in this state.



History of Section.

(P.L. 1995, ch. 82, § 41; P.L. 2003, ch. 174, § 2; P.L. 2003, ch.

178, § 2.)