NRS 669.207 Authorization of foreign trust company to act as fiduciary and solicit trust company business in this State; requirements.

476 words·~2 min read·/nv/chapter-669-trust-companies/669-207

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

1. In addition to the authority provided in NRS 662.245 and 669.209 , a foreign trust company may act as a fiduciary in this State, whether the appointment is by will, deed, court order or otherwise, without complying with the laws of this State relating to the qualification of corporations or limited-liability companies organized under the laws of this State to conduct trust company business or laws relating to the qualification of foreign corporations or foreign limited-liability companies if:

(a)The foreign trust company is authorized by the laws of the state of its organization or domicile to act as a fiduciary in that state;

(b)The foreign trust company is a subsidiary of a bank, savings association, bank holding company or savings and loan holding company subject to the supervision of a federal banking regulator; and

(c)A trust company organized under the laws of this State, a national banking association having its main office in this State and a federal savings and loan association or federal savings bank having its main office in this State and authorized to act as a fiduciary in this State may, in such other state, act in a similar fiduciary capacity or capacities, as applicable, upon conditions and qualifications which the Commissioner finds are not unduly restrictive compared to those imposed by the laws of this State.

2. In addition to the authority provided in NRS 669.205 , a foreign trust company may engage in the solicitation of trust company business in this State, regardless of whether the foreign trust company has a physical location in this State, without complying with the laws of this State relating to the qualification of corporations or limited-liability companies organized under the laws of this State to conduct trust company business or laws relating to the qualification of foreign corporations or foreign limited-liability companies if:

(a)The foreign trust company is authorized by the laws of the state of its organization or domicile to solicit trust company business in that state;

(b)The foreign trust company is a subsidiary of a bank, savings association, bank holding company or savings and loan holding company subject to the supervision of a federal banking regulator; and

(c)A trust company organized under the laws of this State, a national banking association having its main office in this State and a federal savings and loan association or federal savings bank having its main office in this State and authorized to engage in the solicitation of trust company business in this State may, in such other state, similarly engage in the solicitation of trust company business upon conditions and qualifications which the Commissioner finds are not unduly restrictive compared to those imposed by the laws of this State.