362.011. Trust business not engaged in, when — prohibition on use of words "trust company", when.

267 words·~1 min read·/mo/chapter-362/362-011

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

362.011. Trust business not engaged in, when — prohibition on use of words "trust company", when. — 1. For the purposes of this chapter, a person does not engage in the trust business by:

(1)The rendering of fiduciary services by an attorney-at-law admitted to the practice of law in this state;

(2)Rendering services as a certified or registered public accountant in the performance of duties as such;

(3)Acting as a trustee or receiver in bankruptcy;

(4)Engaging in the business of an escrow agent;

(5)Receiving rents and proceeds of sale as a licensed real estate broker on behalf of the principal;

(6)Acting as trustee under a deed of trust made only as security for the payment of money or for the performance of another act;

(7)Acting in accordance with its authorized powers as a religious, charitable, educational, or other not-for-profit corporation or as a charitable trust or as an unincorporated religious organization;

(8)Engaging in securities transactions as a dealer or salesman;

(9)Acting as either a receiver under the supervision of a court or as an assignee for the benefit of creditors under the supervision of a court; or

(10)Engaging in such other activities that the director may prescribe by rule.

2. Persons consigned to be not engaged in the trust business pursuant to subsection 1 of this section shall not use the words "trust company" as part of any artificial or corporate name or title nor shall such persons engage in any other conduct that violates section 362.425 .

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(L. 2002 H.B. 1537 merged with S.B. 742)