Maine Revised Statutes Title 9-B Sec. 1316 – Trust activities
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1. Authority. A foreign bank that has established a Maine branch or Maine agency in accordance with section 1312 may engage in trust activities at that Maine branch or Maine agency upon 30 days’ prior notification to the superintendent.
[PL 1997, c. 182, Pt. B, §3 (NEW).]
Terms Used In Maine Revised Statutes Title 9-B Sec. 1316
- Agency: means any office or any place of business of a foreign bank located in any state of the United States at which credit balances are maintained incidental to or arising out of the exercise of banking powers, checks are paid, or money is lent, but at which deposits may not be accepted from persons who are citizens or residents of the United States. See Maine Revised Statutes Title 9-B Sec. 1311
- Branch: means any office or any place of business of a foreign bank located in any state of the United States at which deposits are received. See Maine Revised Statutes Title 9-B Sec. 1311
- Maine agency: means an agency of a foreign bank located in this State and established and operating pursuant to the provisions of this chapter. See Maine Revised Statutes Title 9-B Sec. 1311
- Maine branch: means a branch of a foreign bank located in this State and established and operating pursuant to the provisions of this chapter. See Maine Revised Statutes Title 9-B Sec. 1311
- Superintendent: means the Superintendent of Financial Institutions. See Maine Revised Statutes Title 9-B Sec. 131
2. Territorial application. All trust activities entered into between a foreign bank that has established a Maine branch or Maine agency and persons residing or domiciled in this State or that involve property located in this State are governed by the laws of this State.
[PL 1997, c. 182, Pt. B, §3 (NEW).]
SECTION HISTORY
PL 1997, c. 182, §B3 (NEW).