§ 100 — Fiduciary powers

New York § 100

• Jurisdiction: New York
• Law BNK: Banking
• Art. 3: Banks and Trust Companies

Text

§ 100. Fiduciary powers. Every trust company shall have, subject to\nthe restrictions and limitations contained in this chapter, the\nfollowing powers:\n 1. To act as the fiscal or transfer agent of the United States, any\nstate, municipality, body politic or corporation; and in such capacity\nto receive and disburse money, to transfer, register and countersign\ncertificates of stock, bonds or other evidences of indebtedness or other\nsecurities, and to act as attorney in fact or agent of any person or\ncorporation, foreign or domestic, for any lawful purpose.\n 2. To act as trustee under any mortgage or bonds issued by any\nmunicipality, body politic or corporation, foreign or domestic, and\naccept and execute any other municipal or corporate trust not prohibited\nby the laws of this state.\n 3. To be appointed and to act under the order or appointment of any\ncourt of competent jurisdiction:\n (a) As guardian, receiver, trustee, committee or conservator of the\nestate of any minor, person with a mental disability, or conservatee or\nin any other fiduciary capacity;\n (b) As receiver, trustee, or committee of the property or estate of\nany person in insolvency or bankruptcy proceedings.\n 4. To be appointed and to accept the appointment of executor or of\ntrustee under the last will and testament or administrator with or\nwithout the will annexed of the estate of any deceased person.\n 5. To take, accept and execute any and all such trusts, duties and\npowers of whatever nature or description as may be conferred upon or\nentrusted or committed to it by any person or persons, or any body\npolitic, corporation, domestic or foreign, or other authority by grant,\nassignment, transfer, devise, bequest or otherwise, or which may be\nentrusted or committed or transferred to it or vested in it by order of\nany court of competent jurisdiction, or any surrogate, and to receive,\ntake, manage, hold and dispose of according to the terms of such trust,\nduty or power, any property or estate, real or personal, which may be\nthe subject of any such trust, duty or power.\n Provided that no trust company shall have any right or power to make\nany contract, or to accept or execute any trust whatever, which it would\nnot be lawful for any individual to make, accept or execute.\n