9-2103. Powers of trust companies; limited purpose trust companies.
9-2103
9-2103. Powers of trust companies; limited purpose
trust companies.
(a) A trust company may exercise all powers necessary or incidental to carrying
on
a trust business, including, without limitation, all powers
conferred upon a business corporation by the Kansas corporation code of 1972,
and
amendments thereto, and also may exercise the following powers:
(1) To receive for safekeeping personal property of every
description;
(2) to accept and execute any trust agreement and perform
any trustee
duties as required by such trust agreement;
(3) to act as assignee, transfer agent, registrar or
receiver;
(4) to accept and execute all trusts and to perform any
fiduciary duties
as may be committed or transferred to it by order, judgment or decree of
any court of record of competent jurisdiction;
(5) to act as agent or attorney in fact in any agreed upon
capacity;
(6) to act as executor or trustee under the last will and
testament, or
as administrator, with or without the will annexed to the letters of
administration, of the estate of any deceased person;
(7) to be a conservator for any minor, incapacitated person
or trustee
for any convict under the appointment of any court of competent jurisdiction;
(8) if the trust company was organized and existing prior
to 1930, to
loan money upon real estate, chattel, collateral or personal
security; to execute and issue its notes, bonds or debentures payable at a
future date, and to pledge any of its securities not in excess of 105% of
the amount of such notes, bonds or debentures thus issued, except that no
holder of securities in excess of the amount provided herein shall acquire
any title or claim to such excess; to buy and sell all kinds of government,
state, county, municipal and corporation bonds, and all kinds of negotiable
and nonnegotiable paper, securities, and stocks except that:
(A) The total investment of any such trust company in bank
stock shall
at no time exceed 1/4 its paid-in capital; and
(B) no trust company shall loan money upon or become the
purchaser of
its own stock, unless such purchase shall be necessary in the collection
of, or to prevent loss upon, a debt previously contracted in good faith,
whereupon the trust company may become the purchaser at public or private
sale, but any stock so purchased shall be disposed of within six months
after such purchase and shall not be included as a part of the assets of
such company after the expiration of six months from the date of purchase;
(9) to receive money in trust for investment in real or
personal
property of every kind and nature and to reinvest the proceeds thereof;
(10) to act in any fiduciary capacity and to perform any
act as a
fiduciary which a Kansas state bank may perform under any provision of the
banking or insurance laws of this state, including, without limitation, acting
as a successor fiduciary to any bank upon liquidation of its trust department
through the transfer of its fiduciary assets pursuant to K.S.A. 9-1604, and
amendments thereto, which liquidation may be effected in the manner provided in
K.S.A. 9-2107, and amendments thereto, or otherwise;
(11) to act as either an originating trustee or as a
contracting trustee
pursuant to K.S.A. 9-2107, and amendments thereto;
(12) to exercise any other power expressly conferred upon
trust companies
by any other provision of the laws of this state;
(13) to buy and sell foreign or domestic exchange, gold,
silver, coin or
bullion; and
(14) pursuant to K.S.A. 9-1713, and amendments thereto, the
state bank
commissioner may adopt rules and regulations clarifying any of the above
enumerated powers and duties extended to trust companies.
(b) A trust company may be formed for a limited purpose to exercise any
one or more of the enumerated powers in subsection (a). The articles of
incorporation of such a trust company shall contain a list of the specific
powers that the trust company chooses and is authorized to exercise.
History: L. 1989, ch. 48, § 3;
L. 1990, ch. 60, § 2;
L. 1993, ch. 81, § 4;
L. 1994, ch. 51, § 8;
L. 2001, ch. 27, § 1; July 1.