Louisiana Revised Statutes 6:626 – Out-of-state trust companies
Terms Used In Louisiana Revised Statutes 6:626
- Fiduciary: A trustee, executor, or administrator.
- Trust company: means a corporation or a limited liability trust company organized under this Chapter, including a trust company organized under the laws of this state before June 27, 2003, or an entity chartered to act as a fiduciary that is neither a depository institution nor a foreign bank. See Louisiana Revised Statutes 6:572
- Trust office: means an office, other than the principal office, at which a trust company is licensed by the commissioner to act as a fiduciary. See Louisiana Revised Statutes 6:572
- Trust representative office: means an office of an out-of-state trust company at which the company has been authorized by the commissioner to engage in a trust business other than acting as a fiduciary. See Louisiana Revised Statutes 6:572
A.(1) An out-of-state trust company may act as a fiduciary from a trust office only if both of the following conditions are met:
(a) The out-of-state trust company maintains a trust office in the state of Louisiana.
(b) In the state where the out-of-state trust company has its principal location, similar institutions chartered under Louisiana law may establish offices and engage in substantially similar activities authorized under this Chapter.
(2) Subject to the requirements of Paragraph (1) of this Subsection, an out-of-state trust company that maintains one or more trust offices in the state may at each office conduct any activity authorized to be conducted by a Louisiana trust company under this Chapter.
(3) An out-of-state trust company may establish a trust representative office in Louisiana at which the out-of-state trust company may perform trust-related business, except that the company may not enter into any trust agreements pursuant to the laws of this state.
B. An out-of-state trust company may solicit and market its fiduciary trust services in this state through the mail and other means of interstate commerce without maintaining a physical presence in this state and without filing an application or notice with the commissioner.
Acts 2003, No. 573, §1, eff. June 27, 2003; Acts 2019, No. 334, §1, eff. June 11, 2019.