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This entry was published on 2021-08-06
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Fiduciary powers
§ 100. Fiduciary powers. Every trust company shall have, subject to
the restrictions and limitations contained in this chapter, the
following powers:

1. To act as the fiscal or transfer agent of the United States, any
state, municipality, body politic or corporation; and in such capacity
to receive and disburse money, to transfer, register and countersign
certificates of stock, bonds or other evidences of indebtedness or other
securities, and to act as attorney in fact or agent of any person or
corporation, foreign or domestic, for any lawful purpose.

2. To act as trustee under any mortgage or bonds issued by any
municipality, body politic or corporation, foreign or domestic, and
accept and execute any other municipal or corporate trust not prohibited
by the laws of this state.

3. To be appointed and to act under the order or appointment of any
court of competent jurisdiction:

(a) As guardian, receiver, trustee, committee or conservator of the
estate of any minor, person with a mental disability, or conservatee or
in any other fiduciary capacity;

(b) As receiver, trustee, or committee of the property or estate of
any person in insolvency or bankruptcy proceedings.

4. To be appointed and to accept the appointment of executor or of
trustee under the last will and testament or administrator with or
without the will annexed of the estate of any deceased person.

5. To take, accept and execute any and all such trusts, duties and
powers of whatever nature or description as may be conferred upon or
entrusted or committed to it by any person or persons, or any body
politic, corporation, domestic or foreign, or other authority by grant,
assignment, transfer, devise, bequest or otherwise, or which may be
entrusted or committed or transferred to it or vested in it by order of
any court of competent jurisdiction, or any surrogate, and to receive,
take, manage, hold and dispose of according to the terms of such trust,
duty or power, any property or estate, real or personal, which may be
the subject of any such trust, duty or power.

Provided that no trust company shall have any right or power to make
any contract, or to accept or execute any trust whatever, which it would
not be lawful for any individual to make, accept or execute.