Nebraska Statutes 8-226. Trust terms; use restricted; penalty
(1) No individual, firm, corporation, or association doing business directly or indirectly in the State of Nebraska shall use the words trust, trust company, trust association, or trust fund as any part of its title except:
Attorney's Note
Under the Nebraska Statutes, punishments for crimes depend on the classification. In the case of this section:| Class | Prison | Fine |
|---|---|---|
| Class V misdemeanor | up to $100 |
Terms Used In Nebraska Statutes 8-226
- Company: shall include any corporation, partnership, limited liability company, joint-stock company, joint venture, or association. See Nebraska Statutes 49-801
- 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.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- State: when applied to different states of the United States shall be construed to extend to and include the District of Columbia and the several territories organized by Congress. See Nebraska Statutes 49-801
- United States: shall include territories, outlying possessions, and the District of Columbia. See Nebraska Statutes 49-801
(a) A trust company as defined in section 8-230 ;
(b) A trust company chartered and supervised under the laws of the United States or any other state;
(c) A bank or savings association chartered and supervised under the laws of the United States or any other state, if such bank or savings association has been further chartered to conduct a trust company business;
(d) A limited partnership to the extent authorized by subdivision (5) of section 67-234 ;
(e) An entity required by any other law to use such words; or
(f) Except as provided in subsection (2) of this section.
(2) Notwithstanding the provisions of subsection (1) of this section:
(a) An organization described in section 501(c)(3) of the Internal Revenue Code and exempt from taxation under section 501(a) of the code may use the words trust or trust fund;
(b) A trust created by a testamentary or fiduciary document may use the word trust; and
(c) An account in a financial institution established by or on behalf of trusts referenced in subdivision (b) of this subsection may use the words trust or trust fund.
(3) A violation of this section is a Class V misdemeanor.