Oregon Statutes 709.300 – Transaction of trust business by national bank
(1) A national bank authorized to conduct a trust business that has complied with the applicable provisions of this chapter may transact trust business in all respects, as provided by applicable laws of the United States and rules and regulations promulgated pursuant thereto. All acts provided in the Bank Act to be performed by the State Treasurer, the Director of the Department of Consumer and Business Services or other public officials for or in respect to trust companies, shall be performed for national banks equally with trust companies.
Terms Used In Oregon Statutes 709.300
- 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
- United States: includes territories, outlying possessions and the District of Columbia. See Oregon Statutes 174.100
(2) Every national bank that is authorized to transact trust business and that has qualified by making the deposit of securities required under ORS § 709.030, may:
(a) Act or be appointed by any court to act in any fiduciary capacity to the same extent as any trust company;
(b) Use the word ‘trust’ in its corporate name; and
(c) Advertise its authority to act in fiduciary capacities. [Amended by 1963 c.55 § 1; 1965 c.170 § 1; 1973 c.797 § 205; 1997 c.631 § 219]
[Amended by 1963 c.55 § 2; repealed by 1973 c.797 § 428]
[Repealed by 1973 c.797 § 428]