9-2304. Provisions of state banking code applicable; exceptions; conflict of law.

439 words·~2 min read·/ks/chapter-9/9-2304

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)To the extent a conflict does not exist between this act and chapter 9 of the Kansas Statutes Annotated, and amendments thereto, except as provided in subsections (b),

(c)and (e), the provisions of chapter 9 of the Kansas Statutes Annotated, and amendments thereto, shall apply to a fiduciary financial institution in the same manner as it applies to a trust company except that references in chapter 9 of the Kansas Statutes Annotated, and amendments thereto, to:

(1)"Capital stock" includes membership capital and partner capital;

(2)"stock" includes membership units and partnership interests;

(3)"common stock" includes common units and common interests;

(4)"preferred stock" includes preferred units and preferred interests;

(5)"stockholders" includes members and partners;

(6)"articles of incorporation" includes articles of organization and articles of limited partnership;

(7)"incorporation" includes organization;

(8)"corporation" includes company and partnership;

(9)"corporate" includes company and partnership;

(10)"trust business" and "business of a trust company" includes fidfin and fiduciary financial institution business; and

(11)K.S.A. 9-901a (a), and amendments thereto, means K.S.A. 9-2305 , and amendments thereto.

(b)For a Kansas-chartered state trust company that receives authority to engage in fidfin transactions under K.S.A. 9-2302 (b), and amendments thereto, the provisions of subsection

(a)shall not apply, however, references in chapter 9 of the Kansas Statutes Annotated, and amendments thereto, to "trust business" and "business of a trust company" include fidfin and fiduciary financial institution business.

(c)For a Kansas-chartered state bank that receives authority to engage in fidfin transactions under K.S.A. 9-2302 (b), and amendments thereto, the provisions of subsection

(a)shall not apply, however, the provisions of chapter 9 of the Kansas Statutes Annotated, and amendments thereto, shall apply in the same manner as they would apply to a trust department of such bank, except that references in chapter 9 of the Kansas Statutes Annotated, and amendments thereto, to "trust business" and "business of a trust company" include fidfin and fiduciary financial institution business.

(1)Except as provided in paragraph (2), if any conflict exists between any provisions of chapter 9 of the Kansas Statutes Annotated, and amendments thereto, and this act, the provisions of this act shall control.

(2)If the fiduciary financial institution is a bank department or trust company that received authority to engage in fidfin transactions under K.S.A. 9-2302 (b), and amendments thereto, the provisions of this act shall only control with regard to fidfin transactions as authorized under K.S.A. 9-2302 (b), and amendments thereto.

(e)The provisions of this section shall not apply to an out-of-state financial institution.