§ 19-3.1-6 Foreign banks and trustcompanies – Agent to receive process. – (a) No person shall exercise any of the powers conferred exclusively uponfinancial institutions, except that a trust company duly organized under thelaws of and carrying on business in another state, or a national bankingassociation located in another state, may act as trustee under any writteninstrument in which it is named as trustee or may be appointed as trustee ofany trust by any court of competent jurisdiction of this state or may beappointed by any probate court of this state as administrator, administrator debonis non, administrator with the will annexed, guardian of estates, orconservator, or as executor of any will in which it is named as executor, iffinancial institutions or national banking associations located in this stateare permitted to act as trustee, administrator, administrator de bonis non,administrator with the will annexed, guardian of estates, conservator, orexecutor under similar conditions in the state where the trust company islocated. The trust company or national banking association located in anotherstate, as the case may be, shall execute and file in the office of the directoror the director's designee a written instrument appointing the director or thedirector's designee in his or her name of office its true and lawful attorneyupon whom all writs and other legal process may be served in any legalproceeding relating to its conduct as trustee, administrator, administrator debonis non, administrator with the will annexed, guardian, conservator, orexecutor or affecting any property held by it under the trusts or the will orthe appointment, with the same effect as if it were located in this state andhad been lawfully served with process.
(b) Upon obtaining the consent of the director, or thedirector'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 orbranches within this state if the law of the other state authorizes the bank ortrust company to exercise trust powers; provided that, in the case of anout-of-state bank or trust company, the law of the state in which it isprincipally located authorizes under conditions not substantially morerestrictive than those imposed by the laws of this state, as determined by thedirector or the director's designee, a financial institution to establish atrust branch in that state. The director or the director's designee shallapprove an application for a trust branch if the applicant has satisfied thestandards and followed the procedures set forth in this title for theestablishment of branches for financial institutions in addition to therequirements of this subsection. The bank or trust company located in anotherstate shall execute and file in the office of the director or the director'sdesignee a written instrument appointing the director or the director'sdesignee in his or her name of office its true and lawful attorney upon whomall writs and other legal process may be served in any legal proceedingrelating to trust activities conducted in this state.
§ 19-3.1-6 Foreign banks and trustcompanies – Agent to receive process. – (a) No person shall exercise any of the powers conferred exclusively uponfinancial institutions, except that a trust company duly organized under thelaws of and carrying on business in another state, or a national bankingassociation located in another state, may act as trustee under any writteninstrument in which it is named as trustee or may be appointed as trustee ofany trust by any court of competent jurisdiction of this state or may beappointed by any probate court of this state as administrator, administrator debonis non, administrator with the will annexed, guardian of estates, orconservator, or as executor of any will in which it is named as executor, iffinancial institutions or national banking associations located in this stateare permitted to act as trustee, administrator, administrator de bonis non,administrator with the will annexed, guardian of estates, conservator, orexecutor under similar conditions in the state where the trust company islocated. The trust company or national banking association located in anotherstate, as the case may be, shall execute and file in the office of the directoror the director's designee a written instrument appointing the director or thedirector's designee in his or her name of office its true and lawful attorneyupon whom all writs and other legal process may be served in any legalproceeding relating to its conduct as trustee, administrator, administrator debonis non, administrator with the will annexed, guardian, conservator, orexecutor or affecting any property held by it under the trusts or the will orthe appointment, with the same effect as if it were located in this state andhad been lawfully served with process.
(b) Upon obtaining the consent of the director, or thedirector'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 orbranches within this state if the law of the other state authorizes the bank ortrust company to exercise trust powers; provided that, in the case of anout-of-state bank or trust company, the law of the state in which it isprincipally located authorizes under conditions not substantially morerestrictive than those imposed by the laws of this state, as determined by thedirector or the director's designee, a financial institution to establish atrust branch in that state. The director or the director's designee shallapprove an application for a trust branch if the applicant has satisfied thestandards and followed the procedures set forth in this title for theestablishment of branches for financial institutions in addition to therequirements of this subsection. The bank or trust company located in anotherstate shall execute and file in the office of the director or the director'sdesignee a written instrument appointing the director or the director'sdesignee in his or her name of office its true and lawful attorney upon whomall writs and other legal process may be served in any legal proceedingrelating to trust activities conducted in this state.
§ 19-3.1-6 Foreign banks and trustcompanies – Agent to receive process. – (a) No person shall exercise any of the powers conferred exclusively uponfinancial institutions, except that a trust company duly organized under thelaws of and carrying on business in another state, or a national bankingassociation located in another state, may act as trustee under any writteninstrument in which it is named as trustee or may be appointed as trustee ofany trust by any court of competent jurisdiction of this state or may beappointed by any probate court of this state as administrator, administrator debonis non, administrator with the will annexed, guardian of estates, orconservator, or as executor of any will in which it is named as executor, iffinancial institutions or national banking associations located in this stateare permitted to act as trustee, administrator, administrator de bonis non,administrator with the will annexed, guardian of estates, conservator, orexecutor under similar conditions in the state where the trust company islocated. The trust company or national banking association located in anotherstate, as the case may be, shall execute and file in the office of the directoror the director's designee a written instrument appointing the director or thedirector's designee in his or her name of office its true and lawful attorneyupon whom all writs and other legal process may be served in any legalproceeding relating to its conduct as trustee, administrator, administrator debonis non, administrator with the will annexed, guardian, conservator, orexecutor or affecting any property held by it under the trusts or the will orthe appointment, with the same effect as if it were located in this state andhad been lawfully served with process.
(b) Upon obtaining the consent of the director, or thedirector'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 orbranches within this state if the law of the other state authorizes the bank ortrust company to exercise trust powers; provided that, in the case of anout-of-state bank or trust company, the law of the state in which it isprincipally located authorizes under conditions not substantially morerestrictive than those imposed by the laws of this state, as determined by thedirector or the director's designee, a financial institution to establish atrust branch in that state. The director or the director's designee shallapprove an application for a trust branch if the applicant has satisfied thestandards and followed the procedures set forth in this title for theestablishment of branches for financial institutions in addition to therequirements of this subsection. The bank or trust company located in anotherstate shall execute and file in the office of the director or the director'sdesignee a written instrument appointing the director or the director'sdesignee in his or her name of office its true and lawful attorney upon whomall writs and other legal process may be served in any legal proceedingrelating to trust activities conducted in this state.
