51A-6A-29. Powers of trust company.
295 words·~1 min read·
/sd/title-51/chapter-51-6/51a-6a-29·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A trust company may exercise the following powers necessary or incidental to carrying on a trust company business, including:
(1)Act as agent, custodian, or attorney-in-fact for any person, and, in such capacity, take and hold property on deposit for safekeeping and act as general or special agent or attorney-in-fact in the acquisition, management, sale, assignment, transfer, encumbrance, conveyance, or other disposition of property, in the collection or disbursement of income from or principal of property, and generally in any matter incidental to any of the foregoing;
(2)Act as registrar or transfer agent for any corporation, partnership, association, limited liability company, municipality, state, or public authority, and in such capacity, receive and disburse money, transfer, register, and countersign certificates of stock, bonds, or other evidences of indebtedness or securities, and perform any acts which may be incidental thereto;
(3)Act as trustee or fiduciary under any mortgage or bond issued by a person;
(4)Act as trustee or fiduciary under any trust established by a person;
(5)Act as fiduciary, assignee for the benefit of creditors, receiver, or trustee under or pursuant to the order or direction of any court or public official of competent jurisdiction;
(6)Act as fiduciary, guardian, conservator, assignee, or receiver of the estate of any person and as executor of the last will and testament or administrator, fiduciary, or personal representative of the estate of any deceased person when appointed by a court or public official of competent jurisdiction;
(7)Establish and maintain common trust funds or collective investment funds pursuant to the provisions of chapter 55-6 ; or
(8)Act in any fiduciary capacity and perform any act as a fiduciary which a South Dakota bank with trust powers may perform in the exercise of those trust powers.