North Carolina § 53-303 Companies authorized to engage in trust business

North Carolina Statutes

§ 53-303 — Companies authorized to engage in trust business

North Carolina § 53-303

Ch. 53Regulation of Financial Services

Art. 24Trust Companies and Interstate Trust Business

This text of North Carolina § 53-303 (Companies authorized to engage in trust business) is published on Counsel Stack Legal Research, covering North Carolina primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.C. Gen. Stat. § 53-303 (2026).

Text

(a)No company shall engage in trust business in this State except:

(1)A State trust company;

(2)A State bank;

(3)A State savings association;

(4)A national bank having its principal office in this State;

(5)A federally chartered savings association having its principal office in this State;

(6)An out-of-state trust institution in accordance with and subject to the provisions of Subpart D of this Part;

(7)A foreign trust institution in accordance with and subject to the provisions of Subpart E of this Part; or

(8)A company otherwise authorized to engage in trust business or to act in a particular capacity described in G.S. 53-331(b)(2) under the laws of this State or of the United States.

(b)No company shall engage in unauthorized trust activity, and all companies shall engage in

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(a) No company shall engage in trust business in this State except:
(1) A State trust company;
(2) A State bank;
(3) A State savings association;
(4) A national bank having its principal office in this State;
(5) A federally chartered savings association having its principal office in this State;
(6) An out-of-state trust institution in accordance with and subject to the provisions of Subpart D of this Part;
(7) A foreign trust institution in accordance with and subject to the provisions of Subpart E of this Part; or
(8) A company otherwise authorized to engage in trust business or to act in a particular capacity described in G.S. 53-331(b)(2) under the laws of this State or of the United States.
(b) No company shall engage in unauthorized trust activity, and all companies shall engage in trust business in accordance with and subject to all applicable laws of this State. (2001-263, s. 1.)