§ 23-51-165 — Companies authorized to act as fiduciaries

(a) A company shall not act as a fiduciary in this state except: (1) A state trust company; (2) A state bank; (3) An association organized under the laws of this state and authorized to act as a fiduciary under § 23-37-101 et seq.; (4) A national bank having its principal office in this state and authorized by the United States Comptroller of the Currency to act as a fiduciary under 12 U.S.C. § 92a ; (5) A federally chartered savings association having its principal office in this state and authorized by its federal chartering authority to act as a fiduciary; (6) A subsidiary trust company authorized to act as a fiduciary under § 23-47-801 et seq.; (7) An out-of-state bank with a branch in this state established or maintained under the Arkansas Interstate Banking and Branching Act, § 23-48-901 et seq., or a trust office licensed by the Bank Commissioner under this chapter; (8) An out-of-state trust company with a trust office licensed by the commissioner under this chapter; or (9) A foundation. (b) A company shall not engage in an unauthorized trust activity.

Legislative History

Amended by Act 2019, No. 836,§ 4, eff. 7/24/2019. Acts 1997, No. 940, § 65.