(a) A state trust institution may act as a fiduciary in this or any other state or foreign country, subject to complying with applicable laws of the state or foreign country.
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Terms Used In Tennessee Code 45-2-1010

  • Commissioner: means the commissioner of financial institutions. See Tennessee Code 45-1-103
  • Fiduciary: A trustee, executor, or administrator.
  • State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
  • State trust institution: means a trust institution having its principal office in this state. See Tennessee Code 45-1-103
  • Trust institution: means a depository institution, foreign bank, state bank or trust company authorized to act as a fiduciary. See Tennessee Code 45-1-103
  • Trust office: means an office, other than the principal office, at which a trust institution is authorized by the commissioner to act as a fiduciary. See Tennessee Code 45-1-103
(b) In addition, a state trust institution may conduct any activities at any office outside this state that are permissible for a trust institution chartered by the host state where the office is located, except to the extent the activities are expressly prohibited by the laws of this state or by any regulation or order of the commissioner applicable to the state trust institution; provided, that the commissioner may waive the prohibition if the commissioner determines that the involvement of out-of-state offices of state trust institutions in particular activities would not threaten the safety or soundness of the state trust institutions.
(c) A state trust institution may:

(1) Perform any act as a fiduciary at each trust office established under this title and at an authorized branch; and
(2) Exercise any incidental power that is reasonably necessary to enable it to fully exercise commonly accepted fiduciary powers conferred in this chapter and chapter 1 of this title.
(d) A state trust institution may exercise any other power authorized by this chapter and chapter 1 of this title, or any power authorized to federally chartered trust institutions whose purposes and powers are limited to fiduciary purposes and powers, subject to the commissioner’s regulation for safety and soundness. A state trust institution may exercise any power authorized to trust institutions chartered by another state whose purposes and powers are limited to fiduciary purposes and powers, subject to the commissioner’s regulation for safety and soundness.
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