§ 23-47-710 — Services provided by affiliates

(a) Any bank, subsidiary trust company, or national trust company qualified to act as a fiduciary in this state is hereby specifically authorized to utilize its respective affiliates to provide services for any trust or estate for which the bank, subsidiary trust company, or national trust company acts as a trustee or other fiduciary, provided the bank, subsidiary trust company, or national trust company believes, in the exercise of the standard of care described in § 28-71-105 , that the services are reasonably necessary and that its affiliate can render the services, including, but not limited to, securities brokerage services, computer services, and banking services to the trust or estate as competently as similar services rendered by nonaffiliates and for compensation equal to or less than that charged by nonaffiliates. (b) Provided the foregoing requirements are met, an affiliate may be utilized by the bank, subsidiary trust company, or national trust company without the approval or consent of any person or specific authorization in the trust instrument, unless the power is expressly withheld in the trust instrument.

Legislative History

Acts 1997, No. 89, § 1; 1997, No. 408, § 6.