9-2103.   Powers of trust companies; limited purposetrust companies.(a) A trust company may exercise all powers necessary or incidental to carryingona trust business, including, without limitation, all powersconferred upon a business corporation by the Kansas corporation code of 1972,andamendments thereto, and also may exercise the following powers:

      (1)   To receive for safekeeping personal property of everydescription;

      (2)   to accept and execute any trust agreement and performany trusteeduties as required by such trust agreement;

      (3)   to act as assignee, transfer agent, registrar orreceiver;

      (4)   to accept and execute all trusts and to perform anyfiduciary dutiesas may be committed or transferred to it by order, judgment or decree ofany court of record of competent jurisdiction;

      (5)   to act as agent or attorney in fact in any agreed uponcapacity;

      (6)   to act as executor or trustee under the last will andtestament, oras administrator, with or without the will annexed to the letters ofadministration, of the estate of any deceased person;

      (7)   to be a conservator for any minor, incapacitated personor trusteefor any convict under the appointment of any court of competent jurisdiction;

      (8)   if the trust company was organized and existing priorto 1930, toloan money upon real estate, chattel, collateral or personalsecurity; to execute and issue its notes, bonds or debentures payable at afuture date, and to pledge any of its securities not in excess of 105% ofthe amount of such notes, bonds or debentures thus issued, except that noholder of securities in excess of the amount provided herein shall acquireany title or claim to such excess; to buy and sell all kinds of government,state, county, municipal and corporation bonds, and all kinds of negotiableand nonnegotiable paper, securities, and stocks except that:

      (A)   The total investment of any such trust company in bankstock shallat no time exceed 1/4 its paid-in capital; and

      (B)   no trust company shall loan money upon or become thepurchaser ofits own stock, unless such purchase shall be necessary in the collectionof, or to prevent loss upon, a debt previously contracted in good faith,whereupon the trust company may become the purchaser at public or privatesale, but any stock so purchased shall be disposed of within six monthsafter such purchase and shall not be included as a part of the assets ofsuch company after the expiration of six months from the date of purchase;

      (9)   to receive money in trust for investment in real orpersonalproperty of every kind and nature and to reinvest the proceeds thereof;

      (10)   to act in any fiduciary capacity and to perform anyact as afiduciary which a Kansas state bank may perform under any provision of thebanking or insurance laws of this state, including, without limitation, actingas a successor fiduciary to any bank upon liquidation of its trust departmentthrough the transfer of its fiduciary assets pursuant to K.S.A. 9-1604, andamendments thereto, which liquidation may be effected in the manner provided inK.S.A. 9-2107, and amendments thereto, or otherwise;

      (11)   to act as either an originating trustee or as acontracting trusteepursuant to K.S.A. 9-2107, and amendments thereto;

      (12)   to exercise any other power expressly conferred upontrust companiesby any other provision of the laws of this state;

      (13)   to buy and sell foreign or domestic exchange, gold,silver, coin orbullion; and

      (14)   pursuant to K.S.A. 9-1713, and amendments thereto, thestate bankcommissioner may adopt rules and regulations clarifying any of the aboveenumerated powers and duties extended to trust companies.

      (b)   A trust company may be formed for a limited purpose to exercise anyone or more of the enumerated powers in subsection (a). The articles ofincorporation of such a trust company shall contain a list of the specificpowers 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.