State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_53 > GS_53-303

Subpart B. CompaniesAuthorized to Engage in Trust Business.

§ 53‑303.  Companiesauthorized to engage in trust business.

(a)        No company shallengage in trust business in this State except:

(1)        A State trustcompany;

(2)        A State bank;

(3)        A State savings association;

(4)        A national bankhaving its principal office in this State;

(5)        A federallychartered savings association having its principal office in this State;

(6)        An out‑of‑statetrust institution in accordance with and subject to the provisions of Subpart Dof this Part;

(7)        A foreign trustinstitution in accordance with and subject to the provisions of Subpart E ofthis Part; or

(8)        A company otherwiseauthorized to engage in trust business or to act in a particular capacitydescribed in G.S. 53‑331(b)(2) under the laws of this State or of theUnited States.

(b)        No company shallengage in unauthorized trust activity, and all companies shall engage in trustbusiness in accordance with and subject to all applicable laws of this State. (2001‑263, s. 1.)