Sec. 26. (a) A
bank, trust
company, corporate
fiduciary, or savings bank organized under the laws of Indiana or the laws of any other state or the
United States may establish a trust office to exercise its powers as a fiduciary to conduct business in any location that is approved by the
department. Before the department approves a trust office to exercise powers as a fiduciary under this subsection, it must determine to its satisfaction that the bank, trust company, corporate fiduciary, or savings bank will have adequate capital, sound management, and adequate future earnings prospects after the establishment of the trust office.
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Terms Used In Indiana Code 28-2-13-26
- bank: has the meaning set forth in IC 28-2-17-3. See Indiana Code 28-2-13-5
- company: means any corporation, limited liability company, partnership, joint-stock company, business trust, voting trust, joint venture, association, or similar organization, domestic or foreign. See Indiana Code 28-2-13-10
- department: refers to the department of financial institutions created under IC 28-11-1-1. See Indiana Code 28-2-13-13
- Fiduciary: A trustee, executor, or administrator.
- United States: includes the District of Columbia and the commonwealths, possessions, states in free association with the United States, and the territories. See Indiana Code 1-1-4-5
(1) receive deposits;
(2) pay checks; or
(3) lend money;
at the trust office.
As added by P.L.122-1994, SEC.88. Amended by P.L.262-1995, SEC.55; P.L.258-2003, SEC.7; P.L.27-2012, SEC.76.
