§ 28-1-11-13 — Compensation for services

Indiana § 28-1-11-13

• Jurisdiction: Indiana
• Art. 1: DEPARTMENT OF FINANCIAL INSTITUTIONS
• Ch. 11: Powers of Banks and Trust Companies

Text

Any bank or trust company shall have power
to demand and receive for the faithful performance and discharge of
services performed pursuant to the powers vested in it by this article
reasonable compensation, or such compensation as shall have been
fixed by agreement of the parties, together with any and all advances
necessarily paid out and expended in the discharge and performance of
its duties, and unless otherwise agreed upon, interest at the legal rate
on such advances. No compensation or commission paid or agreed to
be paid for the negotiation of any loan or the execution of any trust by
any such corporation shall be deemed to be interest within the meaning
of any law of this state, nor shall any excess thereof over any rate of
interest permitted by the laws of this state be decreed or held to be
usury in any court of law or equity. The advances contemplated in this
section may include the compensation paid for the employment of legal
services when necessary for the protection of any trust or other
fiduciary relation.
Formerly: Acts 1933, c.40, s.182. As amended by P.L.263-1985,
SEC.62.