51A-5-1. Use of "trust" in name restricted--Exercise of trust powers restricted--Misdemeanor.
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/sd/title-51/chapter-51-5/51a-5-1·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
No person may assume or use the word "trust" in such person's name in any manner which infers or suggests that the person has authority to transact such business unless the person is authorized to transact trust business pursuant to this title. A violation of this paragraph is a Class 2 misdemeanor.
No bank may exercise trust powers unless it is so authorized by its articles of incorporation and approved by the director and it has qualified by making the deposit required by § 51A-5-4 . Any person who exercises trust powers in violation of this section is guilty of a Class 2 misdemeanor.