West Virginia Code 31I-1-10 – Minimum trust assets under management certification
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As part of the notice to the State Auditor required of any private trust company or licensed private trust company that is required under § 31I-1-4 of this code, an affidavit must also be submitted by the applicant, signed under penalty of perjury, certifying that the private trust company or licensed private trust company serves or will serve as trustee for one or more trusts having at least $50,000,000 in aggregate trust assets under management as of the date of such affidavit.
Terms Used In West Virginia Code 31I-1-10
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Applicant: means the corporation or limited liability company on whose behalf an application for a license to operate as a licensed private trust company is submitted under §. See West Virginia Code 31I-1-3
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Licensed private trust company: means a private trust company that operates in accordance with this article and has been issued a license that has not been revoked or suspended by the State Auditor. See West Virginia Code 31I-1-3
- Private trust company: means a corporation or limited liability company that:
(A) Is exclusively owned by one or more family members. See West Virginia Code 31I-1-3
- State Auditor: means the West Virginia State Auditor. See West Virginia Code 31I-1-3
- Trustee: A person or institution holding and administering property in trust.