Kansas Statutes 59-1701. Corporate fiduciaries
Terms Used In Kansas Statutes 59-1701
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fiduciary: A trustee, executor, or administrator.
- National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Kansas Statutes 77-201
- Statute: A law passed by a legislature.
- Ward: means a person who has a guardian. See Kansas Statutes 77-201
(a) No bank, savings and loan association or other corporation shall be appointed or authorized directly or indirectly to act as a fiduciary in this state except:
(1) A bank, savings and loan association or other corporation organized under the laws of, and having its principal place of business in, this state;
(2) a national bank, federal savings bank or federal savings and loan association located in this state;
(3) a bank, savings and loan association or other corporation organized under the laws of, and having its principal place of business in, another state which permits a bank, savings and loan association or other corporation which is similarly organized in this state to act in a like fiduciary capacity in the other state under similar conditions;
(4) a national bank, federal savings bank or federal savings and loan association located in another state which permits a national bank, federal savings bank or federal savings and loan association located in this state to act in a like fiduciary capacity in the other state under similar conditions;
(5) a nonprofit corporation certified in accordance with Kan. Stat. Ann. § 59-3070, and amendments thereto, to the extent provided by that statute; or
(6) as provided in Kan. Stat. Ann. §§ 59-1707 and 59-1708, and amendments thereto.
(b) No officer, employee or agent of a bank, savings and loan association or corporation which is not authorized to act as a fiduciary in this state shall be permitted to act as a fiduciary, whether such officer, employee or agent is a resident or a nonresident of this state, when in fact such officer, employee or agent is acting as a fiduciary on behalf of such bank, savings and loan association or corporation.
(c) No bank, savings and loan association or other corporation, other than a nonprofit corporation certified in accordance with Kan. Stat. Ann. § 59-3070, and amendments thereto, shall be appointed guardian of the person of a ward.